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Week 22 Market Roundup — aggressive demand with supply absorption
We had another bullish week for S&P 500 futures (ES)last week, which broke out the swing high after the supply absorption in the prior week where I mentioned in Week 21 market round up. Intermediate target of 3050 mentioned in my past daily market analysis has been reached. Despite the presence of supply on 28 & 29 May, the supply was absorbed by even more aggressive demand in the intraday, which paints a bullish picture for S&P 500 to march toward higher target at 3100–3135.
It can be seen from the above chart that some late comer funds joined the bull run from 13–29 May where the first movers started accumulations on the way down in 12 Mar to early April.
Again, I still believe the rally will come to an end some day (but not now yet) to have a meaningful correction and test. Could that coincide with the second wave of the Coronavirus after the the economic opening? This is to be monitored closely.
Check out last week market analysis video series below if you haven’t or would like to reflect how last week unfold together with your preparation and analysis:
