Ming Jong Tey
Independent Analyst
In the trade review section, I explain in detail how to day trade S&P 500 by trading the breakout. Besides, I will reveal the one simple trick that I used to help increasing the breakout trading winning rate. Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 6 Oct 2020 trading session. In this video, I am going to show you the market recap during the last session and trade reviews in the three-minutes timeframe (including entry, exit and the rationale behind). Going forward, I will cover the bias, the key levels to pay attention to, my trading plan for the session later.
Check out my daily market analysis video in the 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: 3420–3450; Support: 3380, 3300–3320, 3200–3230.
Potential setup — Look for potential reversal at the key levels.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
AUD/USD holds higher ground near 0.6600 after strong China's Caixin Services PMI
AUD/USD holds higher ground near the 0.6600 mark early Tuesday. Strong China's Caixin Services PMI data for October underpins the Aussie amid a modest US Dollar uptick and a tepid risk tone. Traders remain reluctant ahead of the RBA policy decision and the US presidential election.
USD/JPY rises toward 152.50, despite strong Japan's PMI, cautious mood
USD/JPY has picked up fresh bids to test 152.50 in Asian trading on Tuesday, tracking the renewed US Dollar strength. The pair shrugs off strong Japanese PMI data and a cautious market mood. Traders remain wary as Americans head to polls this Tuesday.
Gold price hangs near one-week low; downside seems cushioned ahead of the US election
Gold price remains close to a one-week low set on Monday, though the downside seems limited amid safe-haven demand stemming from the US election uncertainty and talks of an Iranian retaliatory strike on Israel.
RBA widely expected to keep interest rate unchanged amid persisting price pressures
Australia’s benchmark interest rate is set to stay unchanged at 4.35% in November. The focus remains on Reserve Bank of Australia Governor Michele Bullock’s comments and updated economic forecasts. The Australian Dollar could wilt if RBA Governor Bullock ramps up bets for a December rate cut.
US presidential election outcome: What could it mean for the US Dollar? Premium
The US Dollar has regained lost momentum against its six major rivals at the beginning of the final quarter of 2024, as tensions mount ahead of the highly anticipated United States Presidential election due on November 5.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.