I am still experimenting with how best to create an intraday update that is helpful to traders, but I need to do it in a way that will not interfere with my trading. Please be patient.
8:30 am, PST.
Yesterday was a strong bull breakout so the odds favor some follow-through today. So far, it is likely a bear leg in what will become a trading range day. There is no clear bottom yet, but the market should reverse up soon and form a trading range. If so, the market still has weekly and 60 min targets just above and it might test those targets soon. Today’s trading range day could then be a final flag on the 5 minute chart that could be followed by a reversal down into a bigger pullback on the daily chart. The market had a similar FOMC rally with follow-through in Sept. 2012, and that formed the high of the next 4 months.
Less likely, today will be an endless pullback and a bear trend day.
Traders can see the end of the day bar-by-bar report by signing up for free at BrooksPriceAction.com. I talk about the detailed Emini price action real-time throughout the day in the BrooksPriceAction.com trading room, and a 2 day free trial is available.
I sometimes refer to bar numbers (there are 81 five minute bars each day) instead of times on the 5 minute. When I mention time, it is USA Pacific Standard time (the market opens at 6:30 am PST, and closes at 1:15 pm PST). Background information on this report can be read on the Intraday Market Update page.
