Daily Price Action: E-mini S&P 500

June 19, 2018 07:37 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 Monday, June 18, 2018.

  • Bar 1 - 1 gd, close on low, always in short, but far below moving average. Bears need follow through. Fell below low of last week so triggered weekly sell or short signal 
  • Bar 2 - Fail, failure breakout low of last week and low of yesterday, far below low of yesterday, possible low of day, but low probability so swing or wait, but doji. Might test moving average for wedge opening reversal down or breakout and bull trend 
  • Bar 3 - Big bull bar, fail, failure breakout, always in long, but need follow through else trading range open so mostly a limit order market and test moving average 
  • Bar 5 - Fail, failure breakout high of the day, double top, 1, but 3 bull bar, buy below or probably buyers at the low of the bar scaling in lower after 1 -2 bar pullback 
  • Bar 8 - Double top 1-second entry sell, possible high of day, but low probability so swing or wait, but far below moving average, 4 bull bar, low probability so swing only or wait sell or short 
  • Bar 10 - Higher low major trend reversal, 50% pullback, always in long, ok swing buy or long 
  • Bar 12 - Breakout pullback pullback, always in long, but bear bar at moving average. Bull need breakout above wedge 1, 5, 11 
  • Bar 15 - Breakout and follow through, always in long, probably mmu above 11 wedge bear flag 
  • Bar 17 - Parabolic wedge 11, 14, but bull bar, buy below or probably buyers at the low of the bar scaling in lower, but possibly sellers above or probably sellers at the high of the bar scaling in higher then upper trading range in tight trading range. Room to 60-minute, 20-bar exponential moving average and measured move target(s) above, but trading range likely soon after parabolic wedge. Also, high of yesterday is probably too far to reach so sideways likely soon 
  • Bar 19 - Bull outside bar surrounded by inside bars, always in long, measured move target(s) above, ok buy or long but probably final flag and then trading range after consecutive buy climax to measured move target and parabolic wedge 11, 16. Most days over past week were trending trading range day so increased chance on another today. Small chance of outside up bar 
  • Bar 22 - Bear bar close on low, parabolic wedge, always in bulls can exit below and buy again above bull bar, but still always in long. Buy or long again around 19 buy climax low and moving average 

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.