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Ross Givens

Stock Trader & Educator

This Week’s Trade Idea for the S&P 500

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…

S&P 500  Index Futures Contract (ES) Price and Technical Analysis – Source: TradingView

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

For more on the markets as well as trading education and trading ideas like this one, look for the next edition of Josh’s Daily Direction in your email inbox each and every trading day.

I’ll be bringing you more of my stock and futures contract trading tutorials as well as some additional trading ideas.

And if you know someone who’d love to make this a part of their daily trading routine, send them over to joshsdailydirection.com to get signed up!

Keep on trading,

P.S. I have been teaching more and more traders how to make their own trading accounts work so well that they can effectively become a side job with plenty of regular earning opportunities, particularly in digital currencies like BTC and ETH.
To learn how this might work for you, I have a special on-demand presentation showing how this works utilizing my War Room service that you can access here for free.

The post This Week’s Trade Idea for the S&P 500 appeared first on Josh Daily Direction.

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