Daily Price Action: E-mini S&P 500

May 20, 2015 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 Tuesday, May 20, 2015. 

Bar 1 - Yesterday had spike and channel bull so trading range likely. Lower high, but tail, buy below or buyers at the low of the bar and probably scaling in lower
Bar 3 - Big outside up bar, limit order market, sellers scaling in above, buyers below, both scalping, early trading range likely. Might be always in long based on size of reversal

  • Bar 4 - Bear outside bar surrounded by inside bars, two legged pullback in a bull move 79, but limit order market, sellers scaling in above, buyers below, both scalping so buy below or buyers at the low of the bar and probably scaling in lower sell above or sellers at the high of the bar and probably scaling in higher
  • Bar 6 - Outside down bar, 4 tails above moving average, but tight trading range, bad for scalping with stop entries unless using swing stop, limit order market, sellers scaling in above, buyers below, both scalping. If bulls fail, failure to get above moving average, could get swing down
  • Bar 9 - Double bottom 3, but big doji in tight trading range, sell above or sellers at the high of the bar and probably scaling in higher, more sideways
  • Bar 15 - Two legged pullback in a bear move 7, fail, failure breakout high of the day and moving average, but tight channel 9, doji sell below or sellers below or signal bar, so sideways around moving average more likely
  • Bar 21 - Double bottom 11, two legged pullback in a bull move 18 but tail, 6 bars down so sideways more likely. Possible low of the day
  • Bar 26 - Higher high major trend reversal, wedge 7 14, but 6 bars up so low probability so swing only or wait, probably buy below or buyers at the low of the bar and probably scaling in lower and more sideways. Breakout mode, bulls and bears scaling in, both swinging
  • Bar 30 - Breakout pullback buy or long but top of trading range day. Still always in long but just about 50-50 in tight trading range
  • Bar 48 - Outside bar surrounded by inside bars above moving average, always in long, possible breakout into trending trading range day, ok swing buy or long
  • Bar 52 - Fail, failure breakout but probably buy below or buyers at the low of the bar and probably scaling in lower. Might just drift back down to open of day and form doji day. Wait to buy or long. Ok swing sell or short but low probability so swing only or wait

The S&P500 emini’s dominant price action feature of the today for day traders was the trading range day with probes to a new high and then a new low. For today’s real-time update, see intraday market update. For more on the current S&P500 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.