S&P 500 weaken but demand was spotted yesterday — Daily Market Analysis

S&P 500 dropped after FED Chairman Jerome Powell said the outlook is “highly uncertain”. As of the current London session, S&P 500 weakened by 0.2% near 2800.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 14 May 2020 trading session. In this video, I am going to show you the market recap on last session including a trade review in M3 (entry, exit and the rationale behind) on a potential aggressive profitable trade on breakout and retest setup, the bias going forward, the key levels to pay attention to, and the potential setup for the US session later.

13 May 2020 recap — there was follow through to the downside for S&P 500 since the selloff on Tuesday. S&P 500 broke below the support level at 2830, which was also served by the demand line from the up channel. On the daily chart, we can see that there was increasing of the supply on yesterday’s drop. Yesterday’s bar have smaller spread than Tuesday’s with demand tail. On the H1 timeframe, S&P 500 did not manage to touch the oversold line.

All the above suggests there was demand coming in to prevent S&P 500 from falling further. This is to be confirmed by a change of…