S&P 500 hits distribution target -should test higher levels
After a spring below the maximum Point & Figure (M5, ATR 20) target projected at 2938, S&P 500 had a strong rally up and so far recovered more than 50% of the sell off bar in 11 Jun 2020. On the daily chart, it is supported at the top of the re-accumulation range from Apr-May 2020. A test of the high of the sell off bar near 3180 is expected.
Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 16 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) in the London and US sessions. 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 with the market recap and the trade review.
Bias - neutral (Day trading); Up (long term)
Key levels - Resistance: 3120, 3180, ; Support: 3070, 3030
Potential setup - look for a test of the last hour bar from 3030–3070 and long upon rebound.
Disclaimer: The information in this presentation is solely for educational purpose and should not be taken as investment advice.
Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 16 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) in the London and US sessions. 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 with the market recap and the trade review.
Bias - neutral (Day trading); Up (long term)
Key levels - Resistance: 3120, 3180, ; Support: 3070, 3030
Potential setup - look for a test of the last hour bar from 3030–3070 and long upon rebound.
Disclaimer: The information in this presentation is solely for educational purpose and should not be taken as investment advice.
Find Out the Top 3 Unknown Stocks Ready to Soar: Click my website below
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.