Supply exhaustion could push S&P 500 higher -range trading setup

Yesterday S&P 500 formed a narrow range with lower volume, suggested lack of supply in the market. A break above 3160 could see S&P 500 to test 3180 followed by 3230.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 19 Jun 2020 trading session. In this video, I am going to show you the market recap on the last session, plus one potential 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 and the current market condition.

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); Up (long term)

Key levels - Resistance: 3160, 3180, ; Support: 3060, 3000, 2930

Potential setup - Look for a test of the key support level at 3060 and long upon a reversal. Or look for a short entry when there is rejection from the key resistance level near 3160.


Disclaimer: The information in this presentation is solely for educational purpose and should not be taken as investment advice.