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…