Week 35 Market Roundup — S&P 500 All Time High Mark up Phase

As mentioned in Week 34 market roundup on last Sunday, S&P 500 futures (ES)went through vertical absorption on 20–21 Aug 2020, which is similar to 30–31 Jul 2020 with the anticipation to push through beyond 3400 hitting all time high. Last week, we have witnessed S&P 500 rallied 111 points (or 3%) and close above 3500.

As S&P 500 entering into an uncharted territory, there are no prior levels acted as resistance. In this case, a channel was drawn up and based on the price movement of the past, it is anticipated that S&P 500 to hit the overbought channel around 3550 before a reaction unfolds, as shown in the chart below. The supply level for the past week was average and does not pose any threat yet.

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:

Stock Watchlist — Malaysia

MASTER (MASTER-PACK GROUP BERHAD)— a reaction with gap down action happened on last Monday. despite the threatening…