S&P 500 Dec 19 to Dec 23 Outlook

Recap
Bounced off strong support Y-1 as expected in the beginning of the week. However the euro zone news shock took ES below Y-1 and opened up the doorway to Y-2. After sliding down to Y-2, ES bounced back upto Y-1 and stalled again. Closed the week above Y-2.

Outlook
Messy chart. A retest of B-1 is likely early in the week.

If breaking below B-1 temporarily and bounced back up quickly and holding above B-1, a w. spring will be in place pointing to the upside target of B+1 and then B+2.

Melt down scenario is not like, but if B-1 acting as resistance to start a selloff, then we cannot rule out B-2 down to B-3 area will be tested.