S&P 500 Mar 07 to Mar 11 Outlook
Feb close established above Y-0. Sold off after failing to hold above Feb close and tagged B-0 quickly. Y-0 acted as resistance pointing to a test of Y-1 but a news shock invalidated the setup (coincidence?) and forced for a retest of week high as shorts were squeezed. Failed to hold above Feb close again and slided back down to fill the gap below. Closed the week above midpoint.
It has been many weeks that ES has closed above its midpoint. The last 2 weeks have shown a struggle to stay above that.
A retest of B+1 is likely and if that is taken out, gap fill above next.
A less likely scenario but definitely more interesting, is that if Feb close acts as resistance leading to a lower high selloff breaking B-0, that will lead to a quick drop towards B-1 and potentially B-2.