The stock market was showing some positive signs as the month of May came to a close, including a positive performance for the S&P 500 Index futures contract (ES).
Then, as June commenced, the ES set up as a buy trade idea.
To kick off the new trading month, I’m sharing my thoughts on the ES chart today and how the trade is shaping up.
I have also published this idea to my TradingView account, which you can view and track right here.
The S&P 500 Index Setup
Here’s how the chart is setting up…
And here’s how I see the trade idea shaping up…
The ES daily time frame is in a down channel. The market hit the bottom of the channel and found support.
The market is now pushing bullish towards the top of the channel price point 4,465.75, about +1,229 ticks above the market.
It will be a good idea to turn to the one hour time frame and to look for long ideas in the buy zone.
The Bottom Line
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Keep on trading,
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