S&P 500 uptrend continues with a spring type trade setup review

About 2 hours before the US opening, S&P 500 futures (ES) tested the last hour from the previous day with a spring-like action followed by a decent rally to test the previous day high near 3100. So far, S&P 500 is on track to trend up to test the prior swing high at 3140–3160.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 02 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) 2 hours before the US opening with a spring type trade setup. 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: 3140–3160; Support: 3100, 3050, 3000, 2925

Potential setup — Look for possible interaction of the small up-sloping structure from 3090–3120 to long.