S&P 500 Apr 20 to Apr 24 Outlook

Recap
Option expiration week played out perfectly to mess with everyone who forgets about it since last month. Initial attempt to blast higher from Y+1 failed leading to first flush to near Y-0 and prior resistance zone ES broke out from. Bounced off hard leading to 2nd attempt to hold Y+1 as support for upside range expansion. Yer failed again and by Friday the powerful gap down forced ES to tag the Y-0 target finally. Closed the week near Y-0 and below midpoint.

Outlook
Daily up trend is now broken but down trend is not established yet. This means we are going to have wild rides intraday as bulls and bears scramble to defend their turfs. Strong resistance at the open gap above. If daily level down trend is about to emerge, this gap will not be filled for a long time.