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.