S&P 500 May 05 to May 09 Outlook

Recap
ES tagged Y-0 first before moving lower. That helped ES in finding support above the open gap below. FBO against Y-1 gave us a run back up to week high first, and then drifted higher to Y+1. NFP Friday printed week high and stalled since. Closed the week below Y+1 and above midpoint.

Outlook
Outside week. Clear signs of distribution. Probably classic sell in May crowd locking in profits. Without a good reason, it is not likely ES can clear 1900 by much. Seasonally bearish time tells us to be aware of potential break of B-0 that can lead to strong selloff down to B-1, Y-3.