S&P 500 futures — further weakness ahead daily market analysis

S&P 500 futures (ES) pulled back slightly below 2780 during the London session as the investors shifted focus from the jobless claims to Coronavirus treatment.

23 Apr 2020 recap —After the announcement of the jobless claims report, S&P 500 rallied up above 2800. The up swing continued after the US session opened and tested the axis line of 2830 as mentioned in my previous video on 23 Apr 2020 on the short squeeze scenario.

Yet, the rally was unsustainable and closed lower at 2780.75. This was the first time for the S&P 500 to close lower after the jobless claims report since the tremendous spike in jobless claims numbers started in 26 Mar 2020.

Check out the video below for a complete walk through of the daily market analysis of S&P 500 futures for 24 Apr 2020 trading session.

Yesterday’s candle tested the channel line as resistance, the breakdown bar on 21 Apr 2020 and the axis line at 2830, followed by a rejection and closed at the low.

Further weakness could lead S&P 500 to test lower levels of support at 2750 and 2716. A break below 2716 should S&P 500 to test 2625, which is an important level.