Spring vs sign of weakness — A tug of war in S&P 500

As mentioned in my daily market analysis video yesterday, Friday’s price action in S&P 500 was a sign of weakness. Yet, there was no follow through to the downside yesterday, which violated the scenario of sign of weakness. Instead, it could be a spring scenario within the trading range between 3060–3160.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 23 Jun 2020 trading session. In this video, I am going to show you the market recap on the last session, plus one potential 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 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 — bullish (Day trading); bullish(long term)

Key levels — Resistance: 3160, 3180, ; Support: 3060, 2980–3000

Potential setup — Look for a test of the M3 range resistance-turned-support near 3110 and long upon rebound.