S&P 500 trading range to be resolved — Daily Market Analysis

S&P 500 futures jumped 1% during the London session ahead of initial jobless claims data, which is to be released an hour before the opening of the US session.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 7 May 2020 trading session. In this video, I am going to show you the market recap on yesterday’s session on Tuesday including trade review in M3, the bias going forward, the key levels to pay attention to, and the potential setup for the US session later.

6 May 2020 recap — S&P 500 tested the high near 2890 and started a reaction towards the support level at 2850. The rally off the support was mediocre. There was no strength for the subsequent lifts from the support level at 2850, which lead to a sell off below the level.

So far, S&P 500 still trading within a range between 2825-2890. Commitment above 2890 should see a test of 2960, which is the swing high. A broke below 2830 could see S&P 500 to test the lower levels at 2770–2800.

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