S&P 500 Jul 29 to Aug 02 Outlook

Recap
ES setup from the week before last was so strong it carries itself higher while NQ digging at the bottom of its range. ES eventually gave in after a 3rd push failure. Yet, it only dropped to the 100% absolute range expansion point and bounced. Closed the week above Y-0 and midpoint.

Outlook
As long as Y+1 / B+1 acting as resistance, a potential swing top is in place.

The difficult task ahead is deal with the influence from NQ which may drives ES higher quickly first before the expected drop to break B-2 and B-3.