Daily Price Action: E-mini S&P 500

August 6, 2018 08:03 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 Friday, Aug. 3, 2018.

  • Bar 1 - 1 doji, always in long, but probably bull leg in trading range and not in bull trend, trading range day likely after yesterday buy climax 
  • Bar 3 - Higher high major trend reversal, two inside bars, but bull body, just above moving average, tight bull channel, always in long, buy below or probably buyers at the low of the bar scaling in lower 
  • Bar 6 - Opening reversal up from moving average, close on high, aik, possible low of the day, but low probability so swing or wait 
  • Bar 8 - Higher high major trend reversal but surprise bar up, at least a little more up likely 6 7, better to wait for a strong bear breakout, or more selling pressure and second entry sell, buy below or probably buyers at the low of the bar scaling in lower 
  • Bar 10 - Outside bar surrounded by inside bars one legged pullback in a bull move, always in long, breakout test or bought 6, but probably bull leg in trading range and not in bull trend, tail, not high enough probability for a scalp 
  • Bar 14 - One legged pullback in a bull move but doji and bear body, sellers above or probably sellers at the high of the bar scaling in higher 12 
  • Bar 15 - Fail, failure breakout, micro double top, possible high of day, but low probability so swing or wait, but only 1 tick body. Always in bulls can exit below and buy again above bull bar 
  • Bar 17 - Surprise bar down, at least a little more down likely, overlap 7 body so no more body gap up so possible measured move up, now trading range or bear 
  • Bar 20 - Micro double bottom at moving average, ok buy or long for test 15 high, but sellers above or probably sellers at the high of the bar scaling in higher and trading range likely 
  • Bar 21 - Close on high but sell the close since near 15 low and trading range likely. Limit order market, sellers scaling in above, buyers below, both scalping 
  • Bar 22 - Breakout test or bought 15 sell or short sellers below or probably sellers at the low of the bar low, big bear bar, more down, always in short 


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.