S&P 500 Feb 02 to Feb 06 Outlook

Recap
As expected, the FBO against Y+1 brought us a nice drop back down to Y-1. ES found support at prior intraday double bottom zone and bounced back up to midpoint of the week. ES failed to clear the midpoint and slided back down. Closed the week below Y-1 and near week low.

Outlook
Two opposite scenarios in the making.

If ES can clear B-0 quickly, we have a bigger and stronger double bottom on daily to power ES back up to at least B+1. And if that is cleared, B+3 should not be a problem.

However, the daily trend is now down with B-0 very strong resistance, a drop to B-2 is more likely than a reversal.