Yesterday was a meaningful day for S&P 500 futures (ES) as there is obvious demand come in to absorb the supply while on the other hand, the US economy contracts nearly 33% in Q2, the steepest decline since 1947.
Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 31 Jul 2020 trading session. In this video, I am going to show you the market recap on the last session, plus four trade reviews in the three-minutes timeframe (including entry, exit and the rationale behind). Those trades were initiated during the London and US sessions and all of them are based on spring type setup, or the false breakout strategy. Going forward, I will cover the bias, the key levels to pay attention to, the potential setup for the US session later.
Check out my daily market analysis video yesterday if you haven’t in order to better relate to the market recap and the trade review.
Bias — bullish (Day trading); bullish (long term)
Key levels — Resistance: 3273, 3310–3340; Support: 3230, 3190, 3170–3180, 3105
Potential setup — Look for potential reversal setup near the key support and resistance levels.