S&P 500 futures pending breakout from apex formation

On H1 timeframe, S&P 500 is consolidating within an apex formation pending breakout. On daily chart, it is still above 2900 key support level, which is bullish.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 12 May 2020 trading session. In this video, I am going to show you the market recap on last 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.

11 May 2020 recap — yesterday S&P 500 had a sharp reaction from early European session leading into US opening, tested the support at 2890–2900. This level is an important support and was mentioned in my market analysis video yesterday. Subsequently S&P 500 recovered most of the losses and closed slightly lower at 2922.75.

Trade review on yesterday session (Monday) — On M3 timeframe, prior the opening of the US session, S&P 500 dipped below 2900. Within 10 minutes of the opening, S&P committed above 2900 and started a small trading range before breaking out . There are quite a few potential long entries within the small trading range near 2900 support level as it showed…