S&P 500 Feb 01 to Feb 05 Outlook

Recap
Consolidation action at support as mentioned last week. FOMC announcement sent ES back down to retest the support zone and it was defended. Short squeeze on Friday finished the job by sending ES up to equal distance from previous week close. Closed the week above Y+1 and near week high.

Outlook
Squeeze driven rally does not last. Y+2 / B+2 strong resistance zone with Y+1 / B-0 retest likely.