S&P 500 Jun 03 to Jun 07 Outlook

Recap
Popped back up above Y-0 as expected. That was not enough to stop the selling as significant selling happened in the underlying components when ES was above 1660. The fight within Y-1 and Y-0 was intense as expected. At the end, ES collapsed. Closed the week below Y-1 and at week low.

Outlook
Confirmed the reversal week setup now that we have a pullback underway. Not necessary an all out selloff but some more downside is expected where ES will spend time to build a higher low on weekly if it is going to push higher later this summer.

The top of this support range stands at low 1620s which is right below Friday close. Next level down is 1580-1600.

All attempts will be made, be that direct invention, jawboning, rumors, etc. to stop ES from going lower. So the short side will be a very difficult play as many spike up is expected just like the spike open on last Tuesday.