SP500 Shortening of the thrust with pending reversal to go up Video]

Ming Jong Tey Independent Analyst

S&P 500 futures tested the non-RTH low from yesterday and rallied up to close at the high. It broke out from the H1 down channel and currently retest the supply line turned support. A down swing is expected to have a test before initiating a change of character rally, possible forming an apex formation.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 30 Jun 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). 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 — neutral (Day trading); bullish(long term)

Key levels — Resistance: 3080, 3060 ; Support: 3020–3040, 3000, 2925

Potential setup — Look for a test of the last hour bar (3020–3040)or 3000 from yesterday to long on reversal. Or a test of the 1pm candle (3042–3057) 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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