S&P 500 Wyckoff phase B secondary test within the range

S&P 500 futures had a down day last Friday with increasing supply. The reaction started 24 Jun, which broke down the support level at 3060, seems like forming a down-sloping channel to test the low formed in 15 Jun. This could be a secondary test of the prior selling climax. Consolidation in the trading range between 2925–3230 is expected .

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 29 Jun 2020 trading session. In this video, I am going to show you the market recap on the last session, plus two 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 and the current market condition.

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

Key levels — Resistance: 3080, 3050, 3020, ; Support: 2980–3000, 2925

Potential setup — Look for a test of the first hour selling bar (3030–3050) from last Friday short on…