S&P 500 fails to breakout with presence of supply

S&P 500 futures (ES) took out the high created on 9 Jun yesterday by a few points and attracted some supply with a reaction. Despite the presence of the supply, S&P 500 still managed to hold above the resistance level at 3180. Should S&P 500 fail to breakout within days, we should see a retest of the lower target near 3170.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 16 Jul 2020 trading session. In this video, I am going to show you the market recap on the last session, plus a trade review in the M3 timeframe (including entry, exit and the rationale behind) during the US session. Going forward, I will cover the bias, the key levels to pay attention to, the potential setup for the US session later.

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); bullish (long term)

Key levels — Resistance: 3230, 3310; Support: 3170-3180, 3105, 3060–3080

Potential setup — Look for reversal signals around the key support or resistance levels.