27 Apr 2020 recap - on the daily chart, S&P 500 continued to edge higher with decreasing spread and slightly lower volume compared to last Friday's session. During the last hour, it attempted to test the swing high at 2885 but was rejected and closed at 2869, which is inline with my daily market analysis from yesterday. Feel free to check out my market analysis from yesterday below:
Despite the up wave since 22 Apr is laborious, the low supply level does not provide confirmation for short sellers to jump in. Nevertheless, S&P 500 futures reach the resistance level near the swing high at 2885 and it should unfold itself soon.
Bias - down
Key levels - Resistance: 2885 (swing high), 2915 Support: 2840, 2800, 2750
Potential setup - An up thrust or a test of the day high/non-RTH high should provide a good short entry. Else a commit below 2840 with a weak rally up should see continuation of the down swing to test the support at low levels.
Despite the up wave since 22 Apr is laborious, the low supply level does not provide confirmation for short sellers to jump in. Nevertheless, S&P 500 futures reach the resistance level near the swing high at 2885 and it should unfold itself soon.
Bias - down
Key levels - Resistance: 2885 (swing high), 2915 Support: 2840, 2800, 2750
Potential setup - An up thrust or a test of the day high/non-RTH high should provide a good short entry. Else a commit below 2840 with a weak rally up should see continuation of the down swing to test the support at low levels.
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