S&P 500 futures expect a test after climatic run up — Daily Market Analysis

S&P 500 futures (ES)had a big jump on last Friday after a better than expected Nonfarm Payrolls numbers set in. After a test of the resistance level at 3210 mentioned in my previous video, ES retraced and closed at 3186. The character of the rally on last Friday was climactic in conjunction with a jump in the volume. This is usually to be resolved via a test to absorb the excessive supply presented on Friday.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 8 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) based on a test and reversal setup during the London session. Going forward, I will cover the bias, 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 last Friday below if you haven’t in order to better relate with the market recap and trade review.

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