Weakness shows up in S&P 500 with increasing of supply

Last Friday S&P 500 had increasing supply, which took the price down to slightly below the support level at 3060. This is a sign of weakness within the trading range from 3060–3160. A commitment below 3060 will see S&P 500 to have a test of the prior swing low 2930.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 22 Jun 2020 trading session. In this video, I am going to show you the market recap on the last session, plus one potential trade review in the M3 timeframe (including entry, exit and the rationale behind). Going forward, I will cover the bias, the key levels to pay attention to, the potential setup for the US session later and the current market condition.

I encourage you to watch my daily market analysis video yesterday if you haven't in order to better relate to the market recap and the trade review.


Bias - bearish (Day trading); Up (long term)

Key levels - Resistance: 3090–3100, 3160, 3180, ; Support: 3060, 2980-3000, 2930

Potential setup - Look for a test of the last hour bar from 3085–3105 and short upon rejection. 


Disclaimer: The information in this presentation is solely for educational purpose and should not be taken as investment advice.