A failed triangle breakout in S&P 500 with no downside follow through

Yesterday S&P 500 broke out the symmetrical triangle pattern formed in H1 during the London session but end up becoming a failure during the US opening session. Yet there was no follow through to the downside. So far S&P 500 futures was stuck in a smaller trading range between 3060–3160.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 18 Jun 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 M3 timeframe (including entry, exit and the rationale behind) in the US session based on a spring setup. 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: 3100, 3160, 3180, ; Support: 3060, 3000, 2930

Potential setup — look for a test of the breakout bar near 3120 to long on rebound. Else a test…