S&P 500 trade review - from false breakout to break down

Last Friday price action still favored the story of supply absorption pending rally up to test the all time high. Narrow spread together with decreasing supply could justify this bullish scenario.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 17 Aug 2020 trading session. In this video, I am going to show you the market recap on the last session and potential trade reviews in the three-minutes timeframe (including entry, exit and the rationale behind). I will focus on two trades based on the false breakout (up thrust) setup to trading the breakdown. 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 on last session 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: 3385–3400; Support: 3360–3365, 3320–3330, 3300, 3273, 3230

Potential setup - Look for potential long near 3360 upon a rebound.