Daily Price Action: E-mini S&P 500

May 16, 2016 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 Friday, May 13, 2016.

  • Bar 1 - Breakout test or bought 43, two legs down 77 bear breakout, leg 1 equals leg 2 measured move up likely, possible low of the day, ok buy or long, but tail, tight channel, possible sideways
  • Bar 2 - Big bull bar, always in long, possible start of two legs up, but bear channel tight so might need double bottom 1 before two legs up
  • Bar 4 - Lower high at moving average, but 2 dojis. Possible high of the day
  • Bar 5 - Big bear reversal, probably more down, but possible db1
  • Bar 7 - Double bottom 1 but just below moving average so possible sellers above or probably sellers at the high of the bar scaling in higher. Low probability so swing only or wait buy or long
  • Bar 9 - Expanding triangle 78 1, ok swing buy or long, but tight channel
  • Bar 11 - Double top 7 but many strong bull bars, low probability so swing only or wait sell or short
  • Bar 13 - Double bottom 9 but bear doji, low probability so swing only or wait buy or long, probably sellers above or probably sellers at the high of the bar scaling in higher. Might test 50 low
  • Bar 16 - Wedge 1 9, double bottom higher low 50, but doji, 5 bear bars, better to wait for a strong bull breakout, or more buying pressure and second entry buy
  • Bar 19 - Breakout, always in long, but still probably minor trend reversal so trading range more likely and bull leg in trading range
  • Bar 20 - Double top 7, buy below or probably buyers at the low of the bar scaling in lower


For today’s real-time update, see intraday market update. For more on the current S&P 500 and emini weekly charts, see weekly market update.


[more Bar-by-Bar Analysis, Daily Webinar and Trading Course info at www.brookspriceaction.com and www.brookstradingcourse.com]

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.