Could low supply grinding up movement push SP500 to all time high? [Video]

Ming Jong Tey Independent Analyst

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 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.

Author

Ming Jong Tey

Independent Analyst

Ming Jong Tey has been trading since 2008. He started his learning journey from technical analysis (indicators, Fibonacci, etc...) to value investing. Throughout his journey, he develops an interest in price action with chart pattern trading.

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