S&P 500 futures breakout with sign of strength rally — Daily Market Analysis

S&P 500 futures rose 1% during the London session ahead of the Nonfarm Payroll while the trade representatives from US-China had a phone call to discuss various issues around the tariff, pandemic and economic.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 8 May 2020 trading session. In this video, I am going to show you the market recap on yesterday’s session including trade review in M3 (entry, exit and the rationale behind), the bias going forward, the key levels to pay attention to, and the potential setup for the US session later.

7 May 2020 recap —S&P 500 attempted to break the resistance area between 2880–2900 twice and had a reaction back to the localized support level at 2870, which is inline to my trading plan as show in my video yesterday. Watch my market analysis video from yesterday if you haven’t, so that you can relate to the trade review presented in today’s video.

Trade review yesterday — A short trade based on rejection from 2880 level was initiated after the close of the reversal bar. Partial scale out after a candle with demand tail reacted at 2870 localised support level. Full scale out after…