S&P 500 Sep 19 to Sep 23 Outlook

Recap
No further selloff. Rallied straight up from the bottom of the established range to the top of the range in a week. Closed the week above Y+1.

Outlook
Outside up week – it can be either a strong reversal pattern to the upside, or, a sign of exhaustion.

To tell the difference, we need to see if Y+1 acts as support. If it does and ES breakout above B+1, we get a confirmed daily level rally that puts B+2 in play.

If ES drops below Y+1 and that turns into resistance, ES can drop back down to the bottom of the established range of 1100 to 1200 very quickly.