Daily Price Action: E-mini S&P 500

August 14, 2018 08:41 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, Aug. 13, 2018.

  • Bar 1 - 1 bull body, always in long, but tail. Yesterday was buy signal bar, last week was sell signal bar. The confusion probably will trigger both this week 
  • Bar 3 - Breakout pullback buy or long, high of yesterday target above, always in long, but possibly wedge 72, 2 
  • Bar 5 - 3 consecutive bull body, inside bar so one legged pullback in a bull move, close on high, target above 
  • Bar 8 - Close on high, target above 
  • Bar 10 - Close on high but smaller bar just below high of yesterday, yesterday was bad buy signal bar so sellers above or probably sellers at the high of the bar scaling in higher high of yesterday, limit order bear scalpers have been making money, spike and channel top from yesterday 70, 71 bull spike so trading range likely, wait to buy or long, probably early high of the day, then trading range 
  • Bar 12 - Fail, failure breakout high of yesterday, close on low, always in bulls can exit below and buy again above bull bar 
  • Bar 15 - Micro possible triangle since 12, always in bulls can exit below and buy again above bull bar below 12, OK sell or short but minor trend reversal so trading range more likely. If bull breakout, probably final flag and sellers above or probably sellers at the high of the bar scaling in higher at 60-minute, 20-bar exponential moving average. Trading range likely 
  • Bar 20 - Surprise bar down, at least a little more down likely, always in short, low of the day and yesterday 75 low target below. Low of last week also target, but unlikely today. That would be outside down bar day, but yesterday was spike and channel top so trading range likely 
  • Bar 22 - Another big bear bar sell climax, but near 75 bull channel low so possibly bounce and trading range. Still always in short, sell the close 
  • Bar 26 - Double bottom lower low 75 but doji. Always in bears can exit above and sell again below bear bar above bull body, not doji 
  • Bar 28 - One legged pullback in a bear move, always in short, probably outside down bar, which would trigger sell or short on weekly 

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.