More upside ahead for S&P 500 futures — Daily Market Analysis

S&P 500 futures inched up more than 0.1% as coronavirus lockdown lifting continues in many countries worldwide.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 11 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.

8 May 2020 recap — Major movement happened during the Asian and London session. Before the market opening, S&P 500 shrugged off the biggest one-month job losses on record as announced during the Nonfarm Payrolls event. During the US session, S&P 500 index tested the level at 2900 as mentioned in my market analysis video on last Friday, which also coincided with the demand bar (a breakout bar) happened in the Asian session. A narrow range session, which provides some opportunities for range trading.

Trade review on last Friday session— After a test and reversal from 2900, on top of a spring of the swing low in the M3 market structure, long entry was initiated near 2901. Exit was at the immediate swing high…