S&P 500 futures lose momentum — daily market analysis

S&P 500 futures (ES) started to lose momentum since the uptrend from the bottom formed in 23 Mar 2020, as shown in the chart. It attempted to break above 2880, which is a strong resistance coincides with the overbought line from the channel.

The up wave and the upward thrust are getting shorter as shown in the H4 chart. Excessive supply has not been manifested. Despite the red flag of fading momentum, the uptrend is still intact.