February 11 – 15 Weekly Review

The S&P 500 weekly is showing another close higher, but momentum is starting to wane. The upper keltner line where tops usually occur was tested and sold. In addition, the CCT indicator is showing a possible top forming. However, a complete rejection of current price levels has not occurred and support near 1492 has not been tested yet. Until I see more signs of weakness in the market, my outlook remains bullish.


January 28 – February 1 Weekly Review

S&P 500 Weekly

The S&P 500 weekly is showing a continuation of the uptrend. The higher high and the close above last week’s high are both bullish signs. I suspect 1520 may be tested soon.

However, the CCT indicator is showing that momentum upwards may start to wane as this point. If a close happens below 1514 cash next week, a top may be forming. Until I see some sort of rejection of current price levels, my weekly outlook isĀ  bullish.