S&P 500 Jul 08 to Jul 12 Outlook

Recap
No continuation selloff. Instead we got a consolidation week. ES moved around Y+1 with no directional push until end of the week after NFP report. Closed the week above Y+1 and midpoint.

Outlook
ES has now cleared the major resistance giving it a chance to go higher to at least B+2 which lines up at the price level before its last breakdown point.

Until ES can drop below Y+1 / B-0 and that turns into resistance it is difficult to fight this July monthly upside bias.