Daily Price Action: E-mini S&P 500

August 3, 2018 08:19 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 Thursday, Aug. 2, 2018.

  • Bar 1 - 1 big gd, bull body close on high, possible low of day, but low probability so swing or wait. Sideways to up to moving average over next hour 
  • Bar 3 - Breakout pullback sell or short but 3 bul, buy below or probably buyers at the low of the bar scaling in lower 
  • Bar 4 - One legged pullback in a bull move, always in long, ok buy or long, but 3 dojis, early trading range likely 
  • Bar 5 - Close above 3, but 4th bar with tail. 5th bull body on open so next bar probably will have bear body 
  • Bar 6 - Bull inside bar, trend from the first bar, close on high, but 6 consecutive bull body is unusual so lower probability buy or long 
  • Bar 7 - Close on high, more up to moving average 
  • Bar 9 - One legged pullback in a bull move, measured move target(s) above, close of yesterday magnet above, but at moving average, doji. Parabolic wedge 3, 5, but 8 consecutive bull body, low probability so swing only or wait sell or short 
  • Bar 12 - Bear body, 11 bars without bear bodies so buy climax, always in bulls can exit below and buy again above bull bar, probably 2 lsd, but still always in long 
  • Bar 15 - Fail, failure breakout 60-minimum or minutes high consecutive buy climax, big bear bar close on low, always in bulls can exit below and buy again above bull bar, ok sell or short, trading range likely 
  • Bar 18 - Test low of yesterday, close on high, but 3 big bear bar, sellers above or probably sellers at the high of the bar scaling in higher, big up, big down, big confusion so trading range likely, better to wait for a strong bull breakout, or more buying pressure and second entry buy 
  • Bar 19 - One legged pullback in a bear move but consecutive bull body and near 50% pullback, low probability short, probably buyers below, and sideways more likely than down, trading range likely 

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.