S&P 500 Jun 24 to Jun 28 Outlook

Recap
Breakout to the downside after failure to clear the upside resistance. ES tagged the downside target mentioned last week perfectly and then bounced. Closed the week below B-0 and near Y-2.

Outlook
Short term (below daily level timeframes) oversold pointing to potential bounce off B-1 if it can successfully fend off the selling early in the week. Upside target back to B-0 area.

Longer term setup suggest that B-0 upto the gap fill level is now strong resistance zone that should not be breached until B-2 (or around 1540) is tagged. See this post to understand why.