More upside ahead for S&P 500 - Daily Market Analysis
Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 11 May 2020 trading session. In this video, I am going to show you the market recap on last 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.
8 May 2020 recap - Major movement happened during the Asian and London session. Before the market opening, S&P 500 shrugged off the biggest one-month job losses on record as announced during the Nonfarm Payrolls event. During the US session, S&P 500 index tested the level at 2900 as mentioned in my market analysis video on last Friday, which also coincided with the demand bar (a breakout bar) happened in the Asian session. A narrow range session, which provides some opportunities for range trading. Refer to the market analysis posted last Friday below.
Trade review on last Friday session- After a test and reversal from 2900, on top of a spring of the swing low in the M3 market structure, long entry was initiated near 2901. Exit was at the immediate swing high near 2914.
On the daily chart, S&P 500 looks set to challenge the swing high at 2960. It is possible to continue with the momentum to test 3000 psychological level, which coincides with running into overbought of the second up channel, before starting a pullback.
Bias - Up (day trading); Up (swing trading)
Key levels - Resistance: 2960, 3000; Support: 2920, 2890–2900
Potential setup - A pullback and reversal from the support area near 2920 and the non-RTH low at 2915 could represent an opportunity for a 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…).
8 May 2020 recap - Major movement happened during the Asian and London session. Before the market opening, S&P 500 shrugged off the biggest one-month job losses on record as announced during the Nonfarm Payrolls event. During the US session, S&P 500 index tested the level at 2900 as mentioned in my market analysis video on last Friday, which also coincided with the demand bar (a breakout bar) happened in the Asian session. A narrow range session, which provides some opportunities for range trading. Refer to the market analysis posted last Friday below.
Trade review on last Friday session- After a test and reversal from 2900, on top of a spring of the swing low in the M3 market structure, long entry was initiated near 2901. Exit was at the immediate swing high near 2914.
On the daily chart, S&P 500 looks set to challenge the swing high at 2960. It is possible to continue with the momentum to test 3000 psychological level, which coincides with running into overbought of the second up channel, before starting a pullback.
Bias - Up (day trading); Up (swing trading)
Key levels - Resistance: 2960, 3000; Support: 2920, 2890–2900
Potential setup - A pullback and reversal from the support area near 2920 and the non-RTH low at 2915 could represent an opportunity for a 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…).
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