S&P 500 on the way to Wyckoff Phase B up thrust action

S&P 500 futures (ES) had seen some profit taking going on last Thursday before the long weekend. As of the current London session, it is breaking out above the immediate swing high resistance at 3156, on the way for higher targets at 3180 and 3230. This up swing could be part of the up move in Wyckoff Phase B, likely to form an up thrust action for a bullish scenario before further consolidation in the trading range between 2925–3230.

The video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 06 Jul 2020 trading session was not uploaded this site due to some technical issue (uploading process was frozen...). The YouTube video link is in the comment below.

I encourage you to watch my daily market analysis video yesterday 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: 3180, 3230; Support: 3156, 3100

Potential setup — Look for a pullback to test the support near 3156 to long on reversal. Or to short upon rejection at the key resistance levels.