SP500 reversal – Start of a meaningful correction led by Nasdaq? [Video]

Ming Jong Tey Independent Analyst

Yesterday S&P 500 attempted to up thrust the prior swing high formed in 8 Jun 2020 followed by strong last hour sell off with increasing supply while NASDAQ had a key reversal bar retraced back to the channel after rallying into overbought condition. Could this be the start of a meaningful correction for the major indices?

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 14 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) that held from London session to US session. 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 — bearish (Day trading); bullish (long term)

Key levels — Resistance: 3180, 3230, 3310; Support: 3140, 3105, 3060–3080

Potential setup — Look for rejection around key levels to short.

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.

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