S&P 500 Supply to be tested and resolved from megaphone structure — Daily Market Analysis

The Dow Jones futures rose 0.5% near 25600 while the S&P 500 futures inches up 0.1% near 3030 during the London session while investors are waiting for the initial jobless claims an hour before US opening.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 28 May 2020 trading session. In this video, I am going to show you the market recap on the last session, plus two trade reviews in M3 (entry, exit and the rationale behind) based on breakout setup and reversal from the oversold channel, the bias going forward, the key levels to pay attention to, and the potential setup for the US session later.

Among the four main indices, which are the Dow (YM), S&P 500 (ES), NASDAQ 100 (NQ), RUSSELL 2000 (RTY), NASDAQ, the past leader, shows weakness in the past week while the past laggards like the RUSSELL 2000 and the DOW are catching up. This is possible rotational play when some of the funds rotate into the laggards from the leaders.

I encourage you to watch my daily market analysis video yesterday if you haven’t in order to relate with the market recap and trade reviews.