Daily Price Action: E-mini S&P 500

October 26, 2016 08:39 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, Oct. 25, 2016.

  • Bar 1 - Test 
  • Bar 2 - Fail, failure breakout low of yesterday, possible low of the day for outside up bar day, OK swing buy or long, but 2t tail and bar not big so probably sellers above or probably sellers at the high of the bar scaling in higher around moving average 
  • Bar 3 - Consecutive bull bars, always in long, buy below or probably buyers at the low of the bar scaling in lower, but small bars and tails so possible limit order market, sellers scaling in above, buyers below, both scalping and trading range open 
  • Bar 8 - Lower high in broad bear channel, but 7-bar bull micro channel so buy below or probably buyers at the low of the bar scaling in lower, but weak rally so might soon test low of yesterday again 
  • Bar 10 - Lower high in broad bear channel, micro double top, but bull body 
  • Bar 14 - Consecutive bear bars, possible breakout below low of the day and 60-minute 20-bar exponential moving average for trending trading range day. Bulls want double bottom 2 
  • Bar 15 - Big bear breakout below 60-minute 20-bar exponential moving average and low of the day sell the close, possible trending trading range day. Less likely, spike and channel bear 
  • Bar 17 - Breakout pullback sell or short but bull body, sell climax, limit order bull scalpers at 2 low will buy below or probably buyers at the low of the bar scaling in lower. Low probability so swing only or wait sell or short 
  • Bar 18 - Outside up bar, mdc, fail, failure breakout below fri high, possible low of the day, but strong enough 15, 16 so minor trend reversal so trading range more likely and probably lower trading range in trending trading range day 
  • Bar 20 - Two legged pullback in a bear move 17 but 2 good bull bars, 2 low target above, buy below or probably buyers at the low of the bar scaling in lower 
  • Bar 23 - Higher low but minor trend reversal so trading range more likely. Should get 1t above 2 low for bull scalpers, but trading range likely

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.