Low supply grinding up movement pushes S&P 500 to all time high?

Yesterday S&P 500 futures (ES) had another up day with relatively low volume. Currently it is testing the gap resistance between 3310–3340. The character of the current movement is similar to what happened in Nov 2019, where S&P 500 inched up gradually with low supply level and low volatility until Jan 2020. Will that happen again?

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 6 Aug 2020 trading session. In this video, I am going to show you the market recap on the last session. Going forward, I will cover the bias, the key levels to pay attention to, the potential setup for the US session later.

Check out my daily market analysis video yesterday below if you haven't in order to better relate to the market recap and the trade review.


Bias - neutral (Day trading); bullish (long term)

Key levels - Resistance: 3310–3340; Support: 3300, 3273, 3230, 3190, 3170–3180, 3105

Potential setup - Look for potential reversal setup near the key support and resistance levels. Wait for a breakout from the range between 3310–3330.


Disclaimer: The information in this presentation is solely for educational purpose and should not be taken as investment advice.