SP500 trade review with sign of strength rally breakout strategy [Video]

Ming Jong Tey Independent Analyst

Yesterday S&P 500 futures (ES) formed a beautiful Wyckoff structure during the non-regular trading hours (RTH). It sprang the previous swing low followed by a minor sign of strength rally and a test before breaking out of the down-sloping structure.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 4 Aug 2020 trading session. In this video, I am going to show you the market recap on the last session, plus one trade review in the three-minutes 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.

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: 3300, 3310–3340; Support: 3273, 3230, 3190, 3170–3180, 3105

Potential setup — Look for potential reversal setup near the key support and resistance levels.

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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