S&P 500 May 04 to May 08 Outlook

Recap
Gap above Y+1 and failed to hold above. That opened the door to Y-0. Dropped straight down to below Y-0, opening the door to Y-1 with previous week close acting as resistance. ES struggled around Y-0 mid week but eventually gave in to Y-1 and almost Y-2 to fill another open gap below. Closed the week near Y-0 and midpoint.

Outlook
Outside week with close near both midpoints points to indecision. We know Y-0 and above now has trapped longs so upside is limited for the week while Y-1 down to B-1 is strong support. Consolidation likely.