mingjong

mingjong

30 Apr 2020 recap - yesterday Dow had an increase of supply together with bearish price action, with the close above the support level 24270. Yet the futures during the London session now has broken the support level and currently testing 23880 level. A break below swing high at 24270 presents a false breakout scenario. If 23880 was broken, we should see a...

08:26

mingjong

S&P 500 futures ( CME_MINI:ES1! ) continued yesterday's selling and plunged more than 2% below 2850 as of the London session now. The price action today before the US session revealed a false breakout on S&P 500. 30 Apr 2020 recap - Yesterday session had seen an increase of supply in synchronization with the bearish price action dropping 1.3% off the top for S&P...

07:08

mingjong

29 Apr 2020 recap - S&P 500 ( CME_MINI:ES1! ) had a clean and strong breakout of the level 2900 with increasing volume and close near the high. The price spread for yesterday session was large and bullish. This confirms my previous post on the potential supply absorption scenario for S&P 500. Refer to the video yesterday below where I mentioned possible supply...

13:28

mingjong

Check out the video above for a complete walk through of the daily market analysis of S&P 500 futures ( CME_MINI:ES1! ) for 29 Apr 2020 trading session. Close to the end of the video, I answered a question from reader regarding how to initiate short entry after an up thrust by revealing yesterday's intraday trade. 28 Apr 2020 recap - on the daily chart, S&P 500...

06:58

mingjong

27 Apr 2020 recap - on the daily chart, S&P 500 continued to edge higher with decreasing spread and slightly lower volume compared to last Friday's session. During the last hour, it attempted to test the swing high at 2885 but was rejected and closed at 2869, which is inline with my daily market analysis from yesterday. Feel free to check out my market analysis...

08:01

mingjong

24 Apr 2020 recap -As mentioned previously in the S&P 500 market analysis ( CME_MINI:ES1! ) after the down wave from 20–21 Apr, which is a change of character stopping the up move to at least a trading range (if not a reversal). Refer below if you are wondering: There is no excessive supply after the down wave. So far, S&P 500 is able to overcome a few key...

19:41

mingjong

In this video, I am going to show you how to draw & interpret trendlines correctly. You can apply this method in any timeframe and instruments such as forex, stocks, futures, bitcoins, bonds, etc… In an uptrend,a trendline connecting two swing low and act as support, which is also called demand line. In a downtrend, a trendline connecting two swing highs and act...

10:41

mingjong

There are a number of ways to judge the price action momentum. In the previous post, I show you using trend channel as an alternative to up wave or upward thrust to gauge the buying or selling momentum. In this video, I also adopt the same example S&P 500 futures ( CME_MINI:ES1! ) to show you using the popular pattern - rising wedge and RSI indicator to achieve...

06:40

mingjong

23 Apr 2020 recap -After the announcement of the jobless claims report, S&P 500 rallied up above 2800. The up swing continued after the US session opened and tested the axis line of 2830 as mentioned in my previous video on 23 Apr 2020 on the short squeeze scenario. Yet, the rally was unsustainable and closed lower at 2780.75. This was the first time for the S&P...

08:29

mingjong

22 Apr 2020 recap - S&P 500 futures ( CME_MINI:ES1! ) tested support level at 2800 and gave back the gain during the London session while digesting the volatile oil trading session and waiting for US jobless claims report later. The rally from yesterday has shown rejection twice from level 2800. It is worth to note that the rally also tested the up channel, which...

07:11

mingjong

21 Apr 2020 recap - S&P 500 futures ( CME_MINI:ES1! ) broke below the up channel since the bottom from 23 Mar 2020 and a key support level around 2750 with increasing supply, as spooked by the meltdown in oil price. This is a change of character for the uptrend, suggests that the up move could at least stop for now, at minimum to go into a trading range if not...

06:40

mingjong

20 Apr 2020 recap - Despite S&P 500 futures ( CME_MINI:ES1! ) dropping 63 points, it is still above 2800 support level. Yet there are some of telltale signs as shown below provide a red flag to me that there is a change of behavior in S&P 500 futures, suggests the up swing could at least be stopped for now with possible reaction to test the supports at lower...

06:04

mingjong

Check out the video above for a detail walk through of today's analysis of S&P 500 futures. S&P 500 futures ( CME_MINI:ES1! ) started to lose momentum since the uptrend from the bottom formed in 23 Mar 2020, as shown in the chart. It attempted to break above 2880, which is a strong resistance coincides with the overbought line from the channel. The up wave and...

10:05

mingjong

In this video, I use S&P 500 futures CME_MINI:ES1! as an example to show you using trend channel to judge the price action momentum. At the later part of the video, I also show the use of upward thrust, and the up wave on top of the channel to judge the momentum. It is important to assess the price action momentum of any trading instruments (i.e. stocks, Forex,...

16:26

mingjong

Check out my video on how to identify support & resistance and other key levels to prepare for day trading session. I am using S&P 500 futures CME_MINI:ES1! as examples to prepare for trading session on 16 & 17 Apr 2020 (Thurs, Fri). Key levels I pay attention to: Previous day high Previous day low non-Regular Trading Hours (RTH) high non-RTH low Swing...

16:38

mingjong

After the bottom formed in 23 Mar 2020, the US stock market has been trending upwards and it has since gone up by 30% from the low. The S&P 500 index ( CME_MINI:ES1! ) has gone up from the low at 2174 to more than 2800 as of today. There are even dozens of stocks rallied up by 50–100% during the same period. So, has the stock market hit a bottom already? Looking...

08:41

mingjong

Dow Jones futures ( CBOT_MINI:YM1! ) edged up slightly in the London session today as President Donald Trump will issue guidelines for the re-opening economies. 15 Apr 2020 recap - on the daily chart, Dow Jones futures had a reaction with slightly increasing supply, which broke the previous day's low but demand was seen in the afternoon session to push the price...

06:47

mingjong

14 Apr 2020 recap - on daily chart, S&P 500 futures managed to overcome the psychological level at 2800 and close at 2843, which is a bullish sign. Yet, shortening of the upward thrust is spotted, especially in H4 timeframe, since the low from 4 Apr 2020. A rising wedge pattern is formed and is near the end, suggests the time has come to pick a direction to...