S&P 500 Feb 03 to Feb 07 Outlook

Recap
Consolidation week at 50% range. 1780 magic #. Due to overnight news shock all week, we observed surprise breakout plays almost everyday last week. Yet, S&P was still bounded in tight range. Closed the week below Y-1 and midpoint.

Outlook
Daily ledge in place. It is not necessary to go lower at once should more weekly players jumping on board to BTFD.

On intraday basis, sudden gap above B+1 will lead to a run to B+2. Otherwise, B+1 should cap this down with new low likely.