S&P 500 Jan 02 to Jan 06 Outlook

Recap
Similar to Dow and Nasdaq, ES did nothing much during the week. Closed the week at midpoint.

Outlook
Unlike Dow or Nasdaq, ES has a clear overbought breadth reading so a pullback is in order and tagging B-1 is likely due to the gap there.

Once B-1 is broken and turning into resistance, ES can easily drop to B-3.

An interesting scenario may unfold (not likely) if we get a gap up this week breaking above B+1, then a strong short squeeze can force ES straight up to B+2.