Yesterday bullish action in S&P 500 future (ES) with a commitment above the axis line at 3230 is constructive for a bullish case. As long as the support level at 3190 hold, S&P 500 should challenge higher targets.
Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 30 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 trade was initiated during the US session and I will elaborate more on how to trade breakout with increasing winning rate. 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 — neutral (Day trading); bullish (long term)
Key levels — Resistance: 3230, 3260, 3310–3340; Support: 3190, 3170–3180, 3105
Potential setup — Look for potential reversal setup near the key support and resistance levels.