S&P 500 Supply absorption by aggressive demand with Diamond pattern? Daily Market Analysis

The Dow Jones futures and the S&P 500 futures inched up 0.3% (25450) and 0.2% (3050) respectively during the London session despite ongoing violent protests amid Coronavirus pandemic.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 1 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 M3 (entry, exit and the rationale behind) based on the reversal from the resistance zone, the bias going forward, the key levels to pay attention to, and the potential setup for the US session later.

I encourage you to watch my daily market analysis video on last Friday if you haven’t in order to better relate with the market recap and trade review.

Bias — up (Day trading); Up (Swing trading)

Key levels — Resistance: 3066, 3080, 3135; Support: 3035, 2992, 2980 (resistance-turned-support)

Potential setup — look for a pullback to the non-RTH low near 3010 where it coincides with the demand zone from the previous session (last Friday) to long. Or look for a rejection from the non-RTH high…