Week 32 Market Roundup — S&P 500 on its way to test all time high

Last week in Week 31 market roundup, I mentioned vertical supply absorption in S&P 500 and is heading to test 3310 followed by 3400. S&P 500 closed at 3347 last Friday and is on its way to test all time high.

There was presence of supply at 3340, which was the previous gap resistance. This was reflected on Friday’s candle where there is only little progress to the upside with increasing volume. However, in H1 timeframe, demand came in around 3320–3330 to push the price up with a firm close suggested supply absorption, as shown in the chart below. Should S&P 500 commit above 3347, it should rally up to test all time high at 3400.

After a warn of a climatic run up in Gold in my week 31 roundup, a change of behavior bar as shown up on last Friday suggested at least a temporary pause of the uptrend in Gold. It is likely to have a change of character as a correction to consolidate before resuming the rally.

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: