Ming Jong Tey
Independent Analyst
After a test of the support level near 3230 during the London session yesterday, S&P 500 futures (ES) rallied up and tested the swing high resistance at 3270. It is on its way to challenge the gap area resistance at 3310.
Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 23 Jul 2020 trading session. In this video, I am going to show you the market recap on the last session, plus a trade review in the M3 timeframe (including entry, exit and the rationale behind) initiated during the London session and held through the US session. The trade setup was based on trend reversal, which I will elaborate ways to detect and confirm the trend changes the later part of the video. Going forward, I will cover the bias, the key levels to pay attention to, the potential setup for the US session later.
I encourage you to watch 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: 3310-3340; Support: 3265–3273, 3230, 3170–3180, 3105.
Potential setup — Look for long entry after a test of the breakout bar from 3265–3273.
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