Week 33 Market Roundup — S&P 500 undergoes supply absorption

Last week S&P 500 futures (ES) made little progress to the upside with decreasing volume while elevating its low . S&P 500 could undergo supply absorption pending to challenge all time high near 3400. Emergence of supply was observed at level above 3370. A commitment above 3370 should see S&P 500 to test all time high. Else, we should watch out for support levels at 3320–3330 and 3270–3280.

A correction is likely happened to Gold after a show of a change of behavior bar was mentioned in my Week 32 market roundup. Gold had a sharp correction as anticipated after an amazing climatic rally from 1800 to 2090. A range bound condition is set for Gold between 1873–2090.

Check out last week market analysis video series below if you haven’t or would like to reflect on how last week unfold together with your preparation and analysis: