S&P 500 breakout sign of strength rally - Daily Market Analysis
7 May 2020 recap —S&P 500 attempted to break the resistance area between 2880–2900 twice and had a reaction back to the localized support level at 2870, which is inline to my trading plan as show in my video yesterday. Watch my market analysis video from yesterday if you haven’t, so that you can relate to the trade review presented in today’s video.
Trade review yesterday — A short trade based on rejection from 2880 level was initiated after the close of the reversal bar. Partial scale out after a candle with demand tail reacted at 2870 localised support level. Full scale out after a higher low is formed near the support level at 2870.
S&P 500 broke out the resistance zone at 2880–2900 during the Asian session this morning. As long as it can stay committed above this resistance-turned-support level, we should see a continuation of the trend to test the swing high at 2960.
Bias — up (day trading); Up (swing trading)
Key levels — Resistance: 2930, 2960; Support: 2880–2900
Potential setup — a back up action is expected after the current sign of strength (SOS) rally, which is to test the support level at 2880–2900 as a confirmation of up trend. A reversal from level at 2880–2900 could represent an opportunity for long entry. The targets for take profit are based on the key levels (plus day high, low from previous day, non-RTH high, low, etc…).
Due to network issue, the video uploading process was interrupted. The market recap on yesterday’s session including trade review in M3 (entry, exit and the rationale behind), the bias going forward, the key levels to pay attention to, and the potential setup for the US session later are all shown in the video.
I leave the YouTube video link for today's market analysis on my status as I am not sure if putting my YouTube link a violation of TradingView House Rule. Feel free to check out by hovering on my picture/username above to view my status.
Trade review yesterday — A short trade based on rejection from 2880 level was initiated after the close of the reversal bar. Partial scale out after a candle with demand tail reacted at 2870 localised support level. Full scale out after a higher low is formed near the support level at 2870.
S&P 500 broke out the resistance zone at 2880–2900 during the Asian session this morning. As long as it can stay committed above this resistance-turned-support level, we should see a continuation of the trend to test the swing high at 2960.
Bias — up (day trading); Up (swing trading)
Key levels — Resistance: 2930, 2960; Support: 2880–2900
Potential setup — a back up action is expected after the current sign of strength (SOS) rally, which is to test the support level at 2880–2900 as a confirmation of up trend. A reversal from level at 2880–2900 could represent an opportunity for long entry. The targets for take profit are based on the key levels (plus day high, low from previous day, non-RTH high, low, etc…).
Due to network issue, the video uploading process was interrupted. The market recap on yesterday’s session including trade review in M3 (entry, exit and the rationale behind), the bias going forward, the key levels to pay attention to, and the potential setup for the US session later are all shown in the video.
I leave the YouTube video link for today's market analysis on my status as I am not sure if putting my YouTube link a violation of TradingView House Rule. Feel free to check out by hovering on my picture/username above to view my status.
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