Week 31 Market Roundup — Vertical Supply Absorption in S&P 500

In Week 30 market roundup, I mentioned that potential scenarios for S&P 500 could either be a false breakout (up thrust) or a backup action for the sign of strength (SOS) rally. Based on last week price action, especially on Thursday and Friday where there were strong evidence of supply absorption on the way up under bad economic data (The GDP of the US economic shrank by 33%), S&P 500 futures closed near the swing high resistance of 3270 after finding demand near 3200.