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Possible inch up for S&P 500 Futures until emergence of supply
9 Apr 2020 recap — S&P 500 e-mini futures (ES) attempted to break 2800 but encountered strong supply. Though supply was present on Thursday session, there is no significant bearish result. In fact, there is some absorption of the supply as shown in the demand tails on the H4 chart.
The presence of supply has caused shortening of the upward thrust, but it is not that threatening at the moment. Until we see emerging of supply together with bearish price action, it is possible for S&P 500 futures to inch up to test higher targets at around 2850 before a start of the down move to test 2700.
Should ES broke 2750, 2700 is an important level to defend in order for the up trend to be intact.
Bias — bullish (Anticipate limited upside).
Key levels — Resistance: 2800-2850 Support: 2750, 2700
Potential intraday setup — look for a test of 2750 to initiate long entry. There are also some trading opportunities by leaning on the smaller timeframe structures (such as M3, M5).
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Disclaimer: The information in this presentation is solely for educational purpose and should not be taken as investment advice.
