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S&P 500 futures low level supply in a trading range — daily market analysis
S&P 500 futures edged up higher as Bank of Japan expands the stimulus package to defend the economic hit by Coronavirus pandemic.
24 Apr 2020 recap —As mentioned previously, after the down wave from 20–21 Apr, which is a change of character stopping the up move to at least a trading range (if not a reversal). There is no excessive supply after the down wave. So far, S&P 500 is able to overcome a few key supply zones and is at the resistance area close to 2885. It is possible for it to test the swing high at 2885. It is expected for S&P 500 to trade between 2715–2885 trading range.
Check out the video below for a complete walk through of the daily market analysis of S&P 500 futures for 27 Apr 2020 trading session.
Bias — down
Key levels — Resistance: 2885 (swing high),2915 Support: 2830, 2800, 2750, 2715 (swing low)
Potential setup — Should S&P 500 test the swing high near 2885, look for a rejection from that area to initiate short entry, with a stop above 2920. First take profit target at 2830 and other key support levels.
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Disclaimer: The information in this presentation is solely for educational purpose and should not be taken as investment advice.
