A profitable pullback trading strategy as per the textbook – SP 500 day trading [Video]

Ming Jong Tey Independent Analyst

A false breakout sets up the stage to trade the pullback like the textbook. Find out this profitable yet simple pullback trading strategy in the trade review section.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 30 Oct 2020 trading session. In this video, you will find out the market recap during the last session and trade reviews in the three-minutes timeframe (including entry, exit and the rationale behind) on how to profit from the rejection from the resistance zone. Going forward, I will cover the bias, the key levels to pay attention to, my trading plan for the session later.

Watch my daily market analysis video in the last session if you haven't in order to better relate to the market recap and the trade review.

Bias — neutral (Day trading); bullish (long term)

Key levels — Resistance: 3300–3320, 3260; Support: 3200–3230

Potential setup — Look for potential reversal at the key levels.

Author

Ming Jong Tey

Independent Analyst

Ming Jong Tey has been trading since 2008. He started his learning journey from technical analysis (indicators, Fibonacci, etc...) to value investing. Throughout his journey, he develops an interest in price action with chart pattern trading.

GBP/USD bulls seem hesitant as Hormuz ship attack supports safe-haven USD

The GBP/USD pair sticks to a positive bias for the second straight day, albeit it remains below the previous day's swing high and trades just below the 1.3200 mark during the Asian session on Friday. Furthermore, the fundamental backdrop warrants caution before positioning for any meaningful recovery from November 2025 lows, around the 1.3140 region, touched on Wednesday.

EUR/USD softens toward 13‑month low near 1.1350 as rising US PCE inflation lifts US Dollar

The EUR/USD pair loses ground to around 1.1365 during the early Asian trading hours on Friday. The major remains near a 13-month low as market expectations for US interest rate hikes have risen. Traders brace for the release of the Michigan Consumer Sentiment Index report, which will be released later on Friday.

Gold drifts lower as Hormuz risks revive USD demand

Gold struggles to build on the overnight bounce from its lowest level since November 2025 as geopolitical risks stemming from an attack on a cargo vessel in the Strait of Hormuz support the US Dollar. Meanwhile, mostly in-line US inflation data eased bets for Fed rate hikes this year, capping the USD and helping the non-yielding bullion to hold above $4,000 during the Asian session. Nevertheless, the commodity remains on track to record losses for the fourth consecutive week.

Uniswap adds $150M in Spark stablecoin liquidity, launches no-code token auction tool

Uniswap received $150 million in stablecoin liquidity from Spark, with the assets set to transition to DualPool, a new custom liquidity hook, according to an announcement on Thursday. Under the new setup, liquidity providers will be able to earn swap fees while their underlying assets continue generating yield, eliminating the need to choose between the two.

Micron prints perfect, and now the chart has to answer

Memory’s biggest name just delivered the cleanest quarter of its life, and the most interesting thing about it is that the stock isn’t sure what to do with it. Micron closed out fiscal Q3 with revenue of $41.5 billion, up 346% on the year, a fifth straight record. Gross margin came in at 84.9%, up from 39% the same quarter a year ago. Earnings landed at $25.11 against a Street sitting near $20.49.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.