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S&P 500 shows presence of demand

S&P 500 futures (ES) had two bearish bars on last Thursday and Friday, with the close near the low of the price range. It looks bearish at first glance yet with simple volume spread analysis (VSA) by comparing the bar on Thursday and Friday, we can spot the presence of demand on Friday's bar because with increasing supply level, the price spread is smaller with a demand tail. Shortening of the downward thrust was also seen in hourly (H1) chart.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 27 Jul 2020 trading session. In this video, I am going to show you the market recap on the last session, plus two trade review in the M3 timeframe (including entry, exit and the rationale behind). One trade setup was based detecting and confirming trend reversal and the second trade was based on Wyckoff law - effort vs result. Going forward, I will cover the bias, the key levels to pay attention to, the potential setup for the US session later.

I encourage you to watch my daily market analysis video last Friday 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: 3230, 3260, 3310–3340; Support: 3190, 3170–3180, 3105

Potential setup - Look for long entry after a test of 3190.