S&P 500 futures pending supply, intraday trading is the plan
S&P 500 futures (
ES1!
) slide more than 1% in the Asia session after OPEC plus reached a deal in record oil production cut of 9.7 million barrels per day.
On the hourly timeframe, S&P 500 futures dropped sharply at the opening candle to below the support level at 2750. Subsequently it is forming an apex formation during London session, suggests indecisiveness among the participants.
Just 2 hours before the opening of the US markets, ES broke out from the apex formation and currently testing the resistance zone around 2770 and the opening candle today.
If the price action fails to commit above 2770 and broke below 2750, it is likely to swing down to test the next support level at 2700.
Should the supply emerge, this could be a start of a larger down move to test the support at low levels or even the selling climax low at 2174.
Bias - neutral to slightly bearish.
Key levels - Resistance: 2800 Support: 2750, 2700, 2630
Potential setup for S&P 500 futures -pay attention to how the price interacts with the apex formation. Either direction be traded. Always judge the market by its own action.
ES1!
) slide more than 1% in the Asia session after OPEC plus reached a deal in record oil production cut of 9.7 million barrels per day. On the hourly timeframe, S&P 500 futures dropped sharply at the opening candle to below the support level at 2750. Subsequently it is forming an apex formation during London session, suggests indecisiveness among the participants.
Just 2 hours before the opening of the US markets, ES broke out from the apex formation and currently testing the resistance zone around 2770 and the opening candle today.
If the price action fails to commit above 2770 and broke below 2750, it is likely to swing down to test the next support level at 2700.
Should the supply emerge, this could be a start of a larger down move to test the support at low levels or even the selling climax low at 2174.
Bias - neutral to slightly bearish.
Key levels - Resistance: 2800 Support: 2750, 2700, 2630
Potential setup for S&P 500 futures -pay attention to how the price interacts with the apex formation. Either direction be traded. Always judge the market by its own action.
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