S&P 500 Jul 01 to Jul 05 Outlook

Recap
As expected, a bottom was formed early in the week, gave us a run back up to Y-0 and stalled. This can be puzzling for many daytraders but it should not be a surprise for long term readers of my weekly commentaries. Closed the week above midpoint and below Y-0.

Outlook
Price pattern suggested an important top is already in place and that a swing trend going down is also in place. As long as B+1 is not breached, a run back down to B-1 and B-2 is in play.

The rare case scenario is that ES somehow find support around B-0 and zoom through B+1. If that happens, a massive short squeeze will take ES upto B+3 easily. Not something normal but it can happen.