2975.75 is the key level to watch on the e-mini S&P

For the week ahead, the 2975.75 is a key level to watch. If you notice my annotations, I am indeed outlining that there are two possibilities for price to play out. We're not here to make predictions, but the observation of how price plays out along this level is very important. Fundamentally speaking, the US is potentially in the second wave of the COVID-19 outbreak. If we're seeing more states follow suit in delaying the reopening or restating the quarantine protocols, this will surely send the ES lower as there be negative economic indications from this. The 2975.75 is such a critical level to watch because the last time price sold through this level was on June 14th. Price broke through this level and then quickly traded above it. If price breaches this level and sustains to trade lower, we just broke a major floor.