S&P 500 more upsides confirmed by spring, SOS rally and breakout

S&P 500 broke out from the trading range formed since 19 May on Monday on thin volume as it was a public holiday in US - Memorial Day after a spring action on last Friday. The trading range from 19 May was an absorption area prior to breakout to the upside. The sequence from spring, sign of strength (SOS) rally to breakout the resistance confirmed further upside targets for S&P 500. A backup action to the support near 2980 or higher level is expected before further rally.

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Check out the youtube video in the comment for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 26 May 2020 trading session. Market recap on the last session, plus trade reviews in M3 (entry, exit and the rationale behind) based on a spring action at the support level and a reversal setup near the supply zone, the bias going forward, the key levels to pay attention to, and the potential setup for the US session later.

I encourage you to watch my daily market analysis video on last Friday if you haven't in order to relate with the market recap and trade reviews.


Bias - up (Day trading); Up (Swing trading)

Key levels - Resistance: 3050, 3080; Support: 2980 (resistance-turned-support), 2910 (swing low)

Potential setup - look for a pullback to the support area near 2980 to long.

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