The S&P 500 is showing resistance near the upper keltner line, however, support held near 1495. Because support held, a retest of highs may happen. If resistance near highs hold, this could be the start of a topping process. Until I see a break of support, my outlook remains bullish.
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.
The S&P 500 weekly is showing another close above support and another new high. Until I see some sort of sign of weakness, my weekly outlook remains bullish.
The S&P 500 monthly is showing a close above resistance near 1490. This is very bullish on a monthly basis. If support holds, this may be a sign that highs near 1576 may be retested. In the event that highs are rejected with a selloff below 1390, 1420 will be retested.
My monthly outlook is bullish.
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 is bullish.