S&P 500 trade review — how to trade reversal with volume spread analysis
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A sharp reaction with increasing supply level in the last hour in S&P 500 futures (ES) pushed the price back to the demand zone created on 7 Aug 2020. The next significant support area is at 3273–3285.
Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 12 Aug 2020 trading session. In this video, I am going to show you the market recap on the last session and a trade review in the three-minutes timeframe (including entry, exit and the rationale behind). In this particular review, I will focus on how I use simple volume spread analysis to initiate reversal trade. Going forward, I will cover the bias, the key levels to pay attention to, the potential setup for the US session later.
Check out my daily market analysis video on last session 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: 3360, 3385–3400; Support: 3335–3345, 3300, 3273, 3230
Potential setup — Look for potential short near 3360 upon rejection or long on rebound from 3330.
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Recommended Reading:
- Week 32 Market Roundup — S&P 500 on its way to test all time high
- Week 31 Market Roundup — Vertical Supply Absorption in S&P 500
- Week 30 Market Roundup — False Breakout vs Backup action in S&P 500?
Disclaimer: The information in this presentation is solely for educational purpose and should not be taken as investment advice.
