Daily Price Action: E-mini S&P 500

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 Tuesday, Feb. 28, 2018.

  • Bar 1 - Yesterday was sell climax so early trading range likely. Double top 76, possible high of day, but low probability so swing or wait, but big down, big up, big confusion so trading range likely, just above moving average, probably early trading range. Buy below or probably buyers at the low of the bar scaling in lower low of yesterday for low major trend reversal
  • Bar 4 - Higher low major trend reversal, possible low of day, but low probability so swing or wait, but tail
  • Bar 5 - Big bull bar, probably always in long
  • Bar 7 - Fail, failure breakout, dt1, wedge 76 1, possible high of day, but low probability so swing or wait, close on low, 50% chance of swing down
  • Bar 9 - One legged pullback in a bull move at moving average, always in long, ok swing buy or long, but tail, possible more sideways to down
  • Bar 11 - Lower high double top 7, still on swing sell or short 7, might test 10 low,but doji, low probability short, probably buyers below, and sideways more likely than down
  • Bar 13 - Breakout pullback buy or long at mb, but 3 dojis, top of tight trading range
  • Bar 14 - Double top 11 lower high 7, bear still short 7, ok swing sell or short, but always in long
  • Bar 16 - Bear breakout, always in short, sell the close
  • Bar 19 - Higher low major trend reversal, possible second leg trap in a trading range 9, but bear bars, ticks hit -1000, probably 1 more new low of the day
  • Bar 21 - Fail, failure breakout low of yesterday, lower low major trend reversal, wedge 1 18, possible low of day, but low probability so swing or wait, always in bears can exit above and sell again below bear bar, better to wait for a strong bull breakout, or more buying pressure and second entry buy

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 Pri