S&P 500 Feb 17 to Feb 21 Outlook

Recap
ES opened around its previous week close and consolidated there. Break out immediately right after gave us a run to Y+2. Since then a pullback back down to the midpoint at the time stopped the drop. Retest of Y+2 led to another breakout higher. Closed the week above Y+2 and near week high.

Outlook
Directional run of 100 points in place. All pockets and resistance levels are ignored on this way up. This is the sign of stop hunting. But why the need to break the selloff?

It is the same historical pattern suggesting a 1929 style crash is in the making. Fed ALWAYS intervene this kind of bearish setups since 1987.

Support is way below at Y+1 / B-1, any drop from here will lead to the test of this level. Since we’ve been shown this warning shot, all selloff will likely be temporary until next crisis arises.