Daily Price Action: E-mini S&P 500

May 22, 2015 09:41 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 Thursday, May 21, 2015. 

  • Bar 1 - Double bottom low of yesterday, higher low, lower low major trend reversal 71, but bear body. Possible low of the day and in yesterday trading range so ok swing but probably early trading range and sell above or sellers at the high of the bar and probably scaling in higher around moving average and 76 high
  • Bar 3 - Consecutive bull bars up from support low of yesterday so always in long, but weak bars, below moving average, trading range more likely
  • Bar 5 - Breakout pullback buy or long, good bull bar, ok swing, but still below moving average, report soon, not high enough probability unless swing stop and scale in for scalp
  • Bar 7 - Strong breakout, always in long, more up
  • Bar 8 - Follow through but tail, more up
  • Bar 9 - Fail, failure breakout but doji, buy below or buyers at the low of the bar and probably scaling in lower and probably buy below or buyers at the low of the bar and probably scaling in lower, but tail 8 and doji so weak rally and bulls might scalp and bears might sell above or sellers at the high of the bar and probably scaling in higher
  • Bar 10 - Breakout pullback buy or long but bear doji. Always in long but need swing stop below 7. Probably bull leg in trading range
  • Bar 12 - Lower high major trend reversal, good bear sell below or sellers below or signal bar, but low probability so swing only or wait and probably buy below or buyers at the low of the bar and probably scaling in lower, but might test below 6 high breakout point since trading range price action
  • Bar 14 - Two legged pullback in a bull move, always in long, ok swing buy or long, but ttns
  • Bar 16 - Wedge 3 8 but tight channel, 4 bars up, buy below or buyers at the low of the bar and probably scaling in lower
  • Bar 22 - Spike and channel top, wedge 12 17, but 1t bear body, tight channel, buy below or buyers at the low of the bar and probably scaling in lower, low probability so swing only or wait sell or short

 

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.