S&P 500 futures confirms supply absorption with higher targets — daily market analysis

S&P 500 futures stay relatively flat after yesterday strong rally boosted by solid earning from technology companies.

Check out the video below for a complete walk through of the daily market analysis of S&P 500 futures for 30 Apr 2020 trading session. In this video, I am going to elaborate the bullish bar yesterday, if the bearish up thrust scenario still valid, the bias going forward, the key levels to pay attention to, and potential setup for later US session.

29 Apr 2020 recap — S&P 500 had a clean and strong breakout of the level 2900 with increasing volume and close near the high. The price spread for yesterday session was large and bullish. This confirms my previous post on the potential supply absorption scenario for S&P 500.

The strong move yesterday acted as absorption on the way up as compare to spending time within a trading range for consolidation to absorb the supply. As the trend is still progressing well within the up channel with higher high and higher low forming, I expect S&P 500 to challenge higher targets around 2980, 3050 and 3130.

Bias — up