Last week profit taking activities happened in NASDAQ causing it become a laggard among the 4 indices (S&P 500, DOW, RUSSELL 2000). Instead of having a market topping scenario, I am more prone to scenario where rotation out from NASDAQ into other under value stocks in the big cap and the small cap sectors. Meanwhile, S&P is still consolidating in tight range just below the swing high resistance at 3230 with decreasing supply.
Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 20 Jul 2020 trading session. In this video, I am going to show you the market recap on the last session, plus a potential trade review in the M3 timeframe (including entry, exit and the rationale behind) during the US session. Going forward, I will cover the bias, the key levels to pay attention to, the potential setup for the US session later.
I encourage you to watch my daily market analysis video last Friday if you haven't in order to better relate to the market recap and the trade review.
Potential setup - Look for long entry after a reversal from a test of 3170–3180 key support area. Else, a short entry upon rejection from the swing high resistance near 3230.
Disclaimer: The information in this presentation is solely for educational purpose and should not be taken as investment advice.