S&P 500 Next Week Outlook
Following is the chart having the previous expansion levels and marked zones untouched with the latest data added.
First, notice how ES reacted to the 2 zones marked there previously. Once the red zone was cleared, the market was set in range expansion mode to the upside.
The right most set of blue lines marked the latest weekly range.
This past week, the market clearly defended 2 attempts to break below the previous week high and failed. A retest of this week’s high at 1180 first is very likely.
Any turns below 1180 and breaking the 1165 area implies at least a quick retest of week low of low 1150s. The next downside target is below 1140.