Daily Price Action: E-mini S&P 500

January 8, 2018 07:11 AM

Al Brooks provides bar-by-bar analysis on a five-minute chart of the previous day’s prices action in the E-mini S&P 500. This is his analysis for Friday, Jan. 5, 2018.

  • Bar 1 - Gu, big bear bars, always in long, possible high of day, but low probability so swing or wait 
  • Bar 2 - Consecutive bear bars, always in long, sellers above or probably sellers at the high of the bar scaling in higher, but bull want opening reversal up from moving average 
  • Bar 3 - Opening reversal up from moving average, possible low of day, but low probability so swing or wait, but consecutive big bear bars, always in short, sellers above or probably sellers at the high of the bar scaling in higher. Bull trend day unlikely. Probably either trading range day or bear trend day. Might get outside down bar day since yesterday was not big. Bars up bars down bars up, trading range open so mostly a limit order market, but always in short, 30% chance 1 will remain high of the day 
  • Bar 6 - Fail, failure breakout high of yesterday second entry sell, always in short, but reversing every bar, trading range open so mostly a limit order market likely 
  • Bar 8 - Wedge lower high major trend reversal, but bull body, buy below or probably buyers at the low of the bar scaling in lower 
  • Bar 17 - Possible triangle 2, 12, close on high, ok swing buy or long 
  • Bar 23 - Buy climax 22, always in bulls can exit below and buy again above bull bar, probably trending trading range day and sellers above or probably sellers at the high of the bar scaling in higher 1 for scalp. Always in long, 90% chance will stay above 12 low stop 
  • Bar 26 - Fail, failure breakout 1-second entry sell, possible second leg trap in a trading range 8, but 6 bull bars, buy below or probably buyers at the low of the bar scaling in lower. Probably upper trading range in trending trading range day so probably sideways, limit order market, sellers scaling in above, buyers below, both scalping. Should dip below 8 high 
  • Bar 32 - Two legged pullback in a bull move at moving average, but tight trading range 22, stop below 12 since might get deep pullback and big trading range instead of small pullback and upper trading range. Probably limit order market, sellers scaling in above, buyers below, both scalping 
  • Bar 36 - Lower high, double-top 26, ledge so magnet after pullback. Buy below or probably buyers at the low of the bar scaling in lower 31. Probably doji day or doji bar so open of day will be magnet all day 
  • Bar 42 - Two-legged pullback in a bull move 31, always in long, ok buy or long for test 36 high since ledge 



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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.