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 Thursday, Aug. 16, 2018.

  • Bar 1 - 1 gu, 1-day island bottom after breakout test or bought of the March high, but small bar, better to wait. Big gu so 80% chance of mostly sideways for 1st hour. Increased chance of bull trend. Might even get outside up bar week on weekly chart by tomorrow close. On ts, open on low, but not on cme chart. Ts uses sampled data so not accurate. 
  • Bar 2 - Fail, failure breakout high of yesterday, but 3 ticks tail, limit order market, sellers scaling in above, buyers below, both scalping 
  • Bar 4 - Two legged pullback in a bull move, always in long, possible low of the day, but low probability so swing or wait, top of the 5-day trading range is magnet above, but tail, 4 bttr 
  • Bar 6 - Breakout pullback buy or long, but bear body, limit order market, sellers scaling in above, buyers below, both scalping 
  • Bar 9 - Wedge 1, 5, possible high of the day, but low probability so swing or wait, but the small bear body in tight trading range, still in small pullback bull trend, low probability short, probably buyers below, and sideways more likely than down 
  • Bar 11 - Close on high, micro double top 9, always in bears can exit above and sell again below the bear bar, possibly measuring gap above for breakout above wedge 9 
  • Bar 12 - Breakout, close on high, always in long, small pullback bull trend, top of 5-day trading range magnet above, but weak rally so far 
  • Bar 15 - Inside bar, so one-legged pullback in a bull move, close on high, target above, buy the close, but small bars so not strong trader's equation 
  • Bar 16 - Fail, failure breakout, possible high of the day, but low probability so swing or wait, but 5 bull body, better to wait for a strong bear breakout, or more selling pressure and second entry sell 
  • Bar 18 - Breakout test or bought 9 so gap, still small pullback bull trend, bull body, always in long 
  • Bar 20 - One legged pullback in a bull move, small pullback bull trend 


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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