Daily Price Action: E-mini S&P 500

December 6, 2017 08:38 AM

Al Brooks provides bar-by-bar analysis on a five-minute chart of the previous day’s price action in the E-mini S&P 500. This is his analysis for Tuesday, December 5, 2017. 

  • Bar 1 - Reversal bar but bear bars, tight channel, minor trend reversal so trading range more likely
  • Bar 2 - Bear inside bar, OK sell or short, yesterday is sell or short sellers below or probably sellers at the low of the bar on daily so should trigger, but only 25% chance of big bear day after yesterday sell climax. Might get inside day. Target above is yesterday 68 wedge high and 18 low bottom of trading range
  • Bar 5 - Micro double bottom 1, higher low, possible low of day, but low probability so swing or wait and inside day, but 5 brbr microchannel, always in short, tight trading range, better to wait for a strong bull breakout, or more buying pressure and second entry buy
  • Bar 8 - Two legged pullback in a bear move, but strong 7, always in long. Tight trading range, better to wait. Bulls want inside day, bears want to trigger sell or short on daily chart by going below low of yesterday
  • Bar 11 - Wedge 1 7, moving average gap bar, OK sell or short but tight trading range
  • Bar 12 - Doji so weak sell or short entry bar in tight trading range, OK to exit
  • Bar 15 - Higher low major trend reversal, close on high, possible low of day, but low probability so swing or wait for test yesterday 68 high, but big bull bars at top of wedge bear flag
  • Bar 18 - Big bull bars, breakout above wedge bear flag, probably mmu to 68 high and possible yesterday 18 low, but possible possible second leg trap in a trading range
  • Bar 19 - Follow through, probably measuring gap, but scale in bulls from yesterday 68 will take profits soon. Breakout above 18 bar range so 90% chance will not fall to new low of day so bull trend day or trading range day
  • Bar 22 - Breakout pullback buy or long, but at 1st target of 68 high, probably trading range soon for possible trending trading range day. Only 10% chance of rally above high of yesterday or selloff below low of the day
  • Bar 24 - Two legged pullback in a bull move, always in long, but at target, far above moving average, 4 small bars, possible sellers above or probably sellers at the high of the bar scaling in higher and then upper trading range in trending trading range day

More bar-by-bar analysis, daily webinar and trading course info can be found here and also here.

About the Author

Al Brooks, M.D., is author of the Brooks Trading Course (27 hours of videos at BrooksTradingCourse.com), several books on Price action (Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader, Wiley, 2009, and the 500,000 word, three-book series, Trading Price Action, Wiley, 2012), and numerous articles in Futures Magazine. He also provides live intraday E-mini price action analysis and free end-of-day analysis on www.brookspriceaction.com.