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 Wednesday, May 2, 2018. 

  • Bar 1 - 1 fomc 11 am today. Bear bars, yesterday wedge top, but just above moving average
  • Bar 3 - Opening reversal up from moving average, possible low of day, but low probability so swing or wait, but consecutive bear bars, better to wait for a strong bull breakout, or more buying pressure and second entry buy
  • Bar 4 - Breakout pullback sell or short but limit order market, sellers scaling in above, buyers below, both scalping, buy below or probably buyers at the low of the bar scaling in lower
  • Bar 7 - Two legged pullback in a bull move, opening reversal up from moving average second entry buy, but big outside up bar at top of 6 bar tight trading range, limit order market, sellers scaling in above, buyers below, both scalping. Possible low of day, but low probability so swing or wait, but low probability so swing only or wait
  • Bar 10 - Lower high major trend reversal, double top 3, two legged pullback in a bear move, possible high of day, but low probability so swing or wait, but doji, 3 bull bars, always in long, limit order market, sellers scaling in above, buyers below, both scalping, low probability so swing only or wait sell or short
  • Bar 13 - Double bottom higher low, close on high, still always in long from 8, ok swing buy or long, but tight trading range so limit order market, sellers scaling in above, buyers below, both scalping and low probability for stop entries
  • Bar 16 - Breakout pullback buy or long, possible triangle 7 13, still always in long, but not high probability until strong breakout up and or down
  • Bar 20 - Good buy or long sellers below or probably sellers at the low of the bar, possible triangle, always in long
  • Bar 23 - Possible second leg trap in a trading range, lower high major trend reversal, bear two inside bars, always in bulls can exit below and buy again above bull bar, ok swing sell or short but 2 dojis so lower probability, ss3
  • Bar 25 - Consecutive bear bars but small, tails, still always in long, but bears might get breakout
  • Bar 27 - Big bear bar, always in short

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