S&P 500 Mar 05 to Mar 09 Outlook

Recap
Gap down in beginning of the week failed to gap below Y-1 to trigger the melt down scenario. That gave fuel to ES for a rally to Y+2. After Y+2 was tagged, ES simply stuck in the range between Y+1 and Y+2. Closed the week above Y+1 and midpoint.

Outlook
ES successfully breakout above previous week zone and sitting above that for several days means Y+1 to B-0 has now turned into support and a retest of B+1 is likely.

A less likely scenario is that ES breaking below B-0 and that turning into resistance. This would set the stage for a daily level selloff with first downside target of B-2.