S&P 500 possible inflection point to rally up further

The reaction of S&P 500 futures (ES) yesterday has slight increase of supply. Yet the the progress to the downside was slightly below the support 3140. Today’s price action is important as it provides clues and confirmation for the very short term direction of the S&P 500.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 08 Jul 2020 trading session. In this video, I am going to show you the market recap on the last session, plus three trade reviews 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 — neutral (Day trading); bullish (long term)

Key levels — Resistance: 3156, 3180, 3230; Support: 3120, 3100

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