Week 36 Market Roundup — Anticipated correction is here

S&P 500 futures (ES) hit and surpassed the overbought channel 3550, which was mentioned in Week 35 market roundup. Next, I talked about possible change of character on 1 Sep 2020, that could potential stop the up trend for now, which was two days earlier before the sharp sell-off (-3%) on 3 Sep 2020. During the London session on 3 Sep, I mentioned overbought condition plus nearing the supply line that triggered the COVID-19 sell off and the shakeout action during Oct-Dec 2018, warned to watch out for a meaningful correction.