Daily Price Action: E-Mini S&P 500

October 1, 2014 03:18 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, Sept 30, 2014.

  • Bar 1 - Fail, failure breakout high of yesterday, possible high of the day, ok swing sell or short, but doji so probably sideways. Last day of month, but no monthly targets near
  • Bar 2 - Bear body, probably always in short and sell above or sellers at the high of the bar and probably scaling in higher, but sideways likely
  • Bar 3 - Breakout, possible measuring gap to 60 bottom of trading range
  • Bar 5 - Breakout pullback buy or long from bull breakout of 60 two legged pullback in a bull move but trend from the first bar bear so probably sell above or sellers at the high of the bar and probably scaling in higher
  • Bar 6 - Breakout pullback sell or short at bottom of trading range, doji, probably buy below or buyers at the low of the bar and probably scaling in lower and below 60. Low probability so swing only or wait sell or short
  • Bar 8 - Double bottom 60, sell vacuum test trading range low, micro double bottom, wedge 75 5, possible low of the day. Ok swing buy or long, but big bar, tail, tight channel so probably more sideways after test up
  • Bar 9 - Strong reversal, might be always in long, but bars down bars up so sideways likely
  • Bar 10 - Follow through, always in long, buy below or buyers at the low of the bar and probably scaling in lower. 9 point selloff from open of day so trading range day likely
  • Bar 12 - Breakout pullback buy or long, always in long, but need swing stop below 7 or 8 to allow for possible two legs down pullback
  • Bar 14 - Breakout, more up, maybe to trendline
  • Bar 15 - More up

pending chart 3392

The S&P 500 E-mini's dominant price action feature of the today for day traders was the reversal up from the test of yesterday's trading range low, and then the reversal back down to a new low of the day, creating a big trading range day. For today's real-time update, see intraday market update. For more on the current S&P 500 and E-mini 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]


Ed Note: Every day traders can listen to live, streaming squawk box commentary on FUTURESmag.com coming directly from the S&P trading pits in Chicago.

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.