S&P 500 breaks down from distribution structure with P&F target

S&P 500 futures slumped 1.6% to 3130 as of the current London session with increasing supply. Yesterday heavy selling was observed during the first two hours and the last two hours of the US session. Current level around 3130 might provide some support. Should S&P 500 violate this level, it could hit the Point & Figure distribution projected targets from 3052–3067.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 11 Jun 2020 trading session. In this video, I am going to show you the market recap on the last session, plus one trade review in the M3 timeframe (including entry, exit and the rationale behind). Going forward, I will cover the bias, the key levels to pay attention to, and the potential setup for the US session later.

I encourage you to watch my daily market analysis video yesterday below if you haven't in order to better relate with the market recap and trade review.

Bias - down (Day trading); Up (Swing trading)

Key levels - Resistance: 3210, 3180, ; Support: 3130, 3060

Potential setup - look for a test of the H4 down accelerated bar (around 3160–3170) and short upon rejection. Or to long upon reversal from the key supporting levels.

Disclaimer: The information in this presentation is solely for educational purpose and should not be taken as investment advice.