Daily Price Action: E-mini S&P 500

August 8, 2018 08:21 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 Tuesday, Aug. 7, 2018.

  • Bar 1 - I leave at 8 am today. Gu, close on high, 60-min mmtga, always in long 
  • Bar 3 - Fail, failure breakout high of yesterday, possible high of day, but low probability so swing or wait, close on low, ok sell or short but probably will reach 60 minimum or minutes target above 
  • Bar 4 - Micro double bottom 1, close on high, tgta 9 double-top 3 but 1 tick bear body, 3 big bull bar, target above, buy below or probably buyers at the low of the bar scaling in lower 
  • Bar 11 - Breakout pullback buy or long, target above, always in long, but possible 3rd push up and wedge 
  • Bar 15 - Micro double top, wedge 3, 9, 60 minimum or minutes parabolic wedge, 60 minimum or minutes measured move target, ok sell or short below or below 13 for possible high of the day, but low probability so swing or wait, always in bulls can exit below and buy again above bull bar 
  • Bar 17 - One-legged pullback in a bull move, outside up bar, close on high, always in long but 2 bear body, nested wedge, third leg is smaller wedge top, better to wait for a strong bull breakout, or more buying pressure and second entry buy 
  • Bar 19 - Outside up bar, micro double bottom at moving average 17, always in long, ok buy above or probably buyers at the high of the bar for swing up, but still on 13 sell or short and probably sellers above or probably sellers at the high of the bar scaling in higher. Ok to wait to buy or long breakout above 13. Always in bears can exit above and sell again below bear bar. Breakout mode, bulls and bears scaling in, both swinging, always in long, but on good sell or short below 13 

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.