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Futures, E-Mini S&P 500 June-23-2014

Updated on June 23, 2014

5 Minute Chart

5 Minute Chart Technical Analysis.

E-futures S and P 500

June 23, 2014


Bears at the opening faded it the bullish trending trading range during premarket hours. As usual, these reversals at the opening are met with counter energy to the initial levels of the trending trading range. This is depicted, in bars number two and number four, each presenting a bottom tail with at least 40% of the bar's body.

The market reached a new high with bar 7, at which point the algorithmic probability of price action calls for a reversal guided by the Bears, which took place, all the way to the low of bar number nine.


Market reengaged into a trading range with bars 12 and 10 becoming parallels. At the moment buying pressure appears to be gaining ground.


Micro bear channel driven to the level of bar 17's low states accumulation of selling pressure. With bars 17 close, algorithmic probability of price action states a pullback by the Bulls. This could take prices to the moving average.


Market determining direction with a subtle accumulation of buying energy in bars 18 to 23 closing as bull bars. Still we can see persistent pattern of lower highs for the pass 10 to 15 bars. Is probable a push by the Bears, with the initial behavior of bar 24.


The presence of bar 26, along with bar 27, notes the market recalibrating its direction. Increasing signs off two-sided trading brings the market near or at the moving average, simply stating the early bears as covering some of their short positions.


With the close of bar 32 on its high, is a precursor to higher prices within a few bars. A buying opportunity should be considered at the moving average; which manifested with bars 33 and 34.


Algorithmic probability of price action calls for a subtle pull back to the moving average. Bar number 41 shows signs of buyers below, which leads to consider another buying opportunity with the formation of any given pullback within the next few bars.


Aggressive buyers could go long at bars 45 low for a swing with a stop loss one tick below the low of bar 31.


Bar 46 close on low takes place with a call by the algorithmic probability of price action, for prices to make an attempt in reaching the moving average. Clear signs of two-sided trading in periods composed of multiple bars in both sides; the Bears just completed a leg, which still, not in quite proportion to the Bulls preceding leg.


As per algorithmic probability of price action the Bulls attempted and nearly reached the moving average, however, strong bears stated otherwise. For such, the evidence is in the form of a top tail covering over 70% of bars 47 amplitude.


Take note that prices did not reach below the low of bar 46, even though a strong signal bar for the Bears. However, all of this could simply mean that bears are awaiting a pullback by the Bulls near the moving average to initiate new short positions and honor that bearish micro channel from bar 43 to bar 46.

In the 15 meaning chart, algorithmic probability of price action along with the formation of a doji in bar 17, calls for a push by the bulls,.


Accumulation of buying pressure, giving the formation of a second leg by the Bulls, calls for a buying opportunity at the site of a pullback. Such opportunity is represented with the bar 52's close on low.


Resistence has been detected with the formation of a lower high honoring a bear trend channel line with the opening of bar 54. The market, with the close of bar 55, and an immediate reversal bar, in 56, presents price action in a trading range. At this point is better to wait for more data.


In the 15-minute chart, the close of bar 19 presents inertia with the buying side at this time. Conservative traders will look for buying opportunities near it’s low, while aggressive traders can consider going long in the mid range or the opening of bar 19 or at any time in bar 20. Stoploss could be placed one tick below the low of bar 19, looking for a swing play.


Overall, the market is accumulating buying pressure, thus, higher prices will be likely. However, with inflection times such as the 1430 approaching, a spike to the downside is always possible; determining yet another buying opportunity for aggressive bulls.

5 Minute

15 Minute

Market Close


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