S&P 500 strong rally up confirming the demand on 13 May — Daily Market Analysis

S&P 500 futures reacted to the downside right after the reporting jobless claims number remains elevated at 2.98 million. After the US opening, S&P 500 tested the swing low at 2771 and quickly reversed and committed above, followed by a strong rally up and closed near the resistance at 2850.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 15 May 2020 trading session. In this video, I am going to show you the market recap on the last session including a trade review in M3 (entry, exit and the rationale behind) relying on a spring and test setup, the bias going forward, the key levels to pay attention to, and the potential setup for the US session later.

14 May 2020 recap — At the US opening, S&P 500 was rejected from the resistance area around 2790–2800 and subsequently dipped below 2771 swing low temporarily, and reversed and stayed above the level, which is a spring setup I favor for long entry. As mentioned in my daily market analysis video yesterday, demand was present on 13 May based on the assessment of effort vs result, the spring setup is a reliable setup for long entry under the context.