S&P 500 possible cup and handle breakout to test higher targets

Yesterday S&P 500 futures (ES) broke out from the descending wedge (bullish wedge) with a deeper test. It seems like forming a handle to complete the cup and handle formation in the H1 timeframe since 23 Jun 2020.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 09 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). 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)

Key levels — Resistance: 3150, 3180, 3230; Support: 3145-3150, 3120, 3100

Potential setup — Look for potential reversal near the key support levels.