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Week 50 S&P 500 Stock Market Roundup & Stock Watchlist Update
Increasing of supply hit the S&P 500 futures (ES) on 9 Dec 2020 followed by a 3-days reaction with relatively high supply. Buying was observed as reflected in the demand tail and minimal downside progress despite the high level of supply, which is a another demonstration of Wyckoff’s Law “Effort vs Results”.
The intermediate support level at 3630 has been tested followed by a rally up. Immediate resistance at 3660–3670 is to be broken to switch to short term bullish mode.
Russell 2000 outperforms all these 4 major indices where supply absorption in progress. NASDAQ and Dow Jones showed decreasing supply in the past 3 trading sessions with limited downward progress, which is constructive for the bullish case.
Again, the larger picture is still bullish with a pullback in progress after hitting all time high, which is not uncommon.
Stock Watchlist — Malaysia
Watch the video below for the Malaysia stock watchlist update below (the name of the IPO stock is revealed to my email subscribers only. Sign up the Weekly Stock Update for Free):
