S&P 500 Feb 28 to Mar 04 Outlook
Breakout mode triggered to the downside. Y-3 tagged quickly and extended to Y-4 (also first week of month midpoint) before a bounce. Closed the week above midpoint.
The selloff was so sudden, it caught many people off guard. The end of week rally was an attempt to squeeze the late shorts so that a better price level can be created for the unloading of risk to dip buyers.
First upside target for the week is Y-1. Closing the month below that point means B-0 is the likely next target and then a gap fill below.
If Feb close managed to close above Y-1, further short squeeze can take the market upto B+1 for a showdown.
Huge volatility in store over the coming 2 weeks.