S&P 500 on the way to Wyckoff Phase B up thrust action

S&P 500 futures (ES) had seen some profit taking going on last Thursday before the long weekend. As of the current London session, it is breaking out above the immediate swing high resistance at 3156, on the way for higher targets at 3180 and 3230. This up swing could be part of the up move in Wyckoff Phase B, likely to form an up thrust action for a bullish scenario before further consolidation in the trading range between 2925–3230.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 06 Jul 2020 trading session. In this video, I am going to show you the market recap on the last session, plus a trade review in the M3 timeframe (including entry, exit and the rationale behind) during the US session based on reversal from the overbought channel and the swing high resistance. Going forward, I will cover the bias, the key levels to pay attention to, the potential setup for the US session later.

I encourage you to watch my daily market analysis video yesterday if you haven’t in order to better relate to the market recap and the trade review.

Bias — bullish (Day trading); bullish (long term)