S&P 500 - Character mimics 1st wave of Coronavirus Bear Market

After a sharp sell off on last Thursday followed by Friday's automatic rally, S&P 500 ended merely closed above 3000. The automatic rally on last Friday was relatively weak without even attempt to recover level 3100. It also created a lower low, which was a sign of weakness (SOW), which I mentioned in my market roundup posted on Sunday. The character of the down move since last Thursday does mimic the sell off in Feb 2020 triggered by the Coronavirus. 

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 15 Jun 2020 trading session. In this video, I am going to show you the market recap on the last session, plus two trade reviews in the M3 timeframe (including entry, exit and the rationale behind) based on a localised breakout setup (first attempt was stopped out, second attempt was a win). 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 on last Friday below if you haven't in order to better relate with the market recap and the trade review.

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

Key levels - Resistance: 2970, 3000, 3076, 3120, 3180, ; Support: 2930, 2900, 2770

Potential setup - look for a test of the 2970 or 3000 and short upon rejection. 


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