S&P 500 Jan 30 to Feb 03 Outlook
Spike higher in beginning of the week and sold off from there. Yet Y-0 was not tagged. Earning shocks sent ES above resistance and tagged Y+2 and the long term resistance area directly above. Sharp selloff back down to Y+1 area. Closed the week below midpoint.
Difficult swing formation to interpret as extremes failed to tag weekly levels properly. That means something coming from higher timeframes are affecting the price movements.
Breaking below B-1 points to daily uptrend has finally broken.
As long as that has not happened, we have to assume the uptrend is still intact.