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.