The S&P 500 tested new highs in July and closed above June’s range. Until the monthly charts show sustained weakness, the monthly outlook remains bullish.
The S&P 500 weekly is showing a close slightly below last week. In the event of a rally, I expect 1714 to be tested, while a sell off may retest the 1650s. The market also closed above the 2 week opening range for the 2nd consecutive week. The daily chart is showing support near 1684.
Until the market shows sustained weakness, my outlook remains bullish.
The S&P 500 weekly is showing a new all time high. The daily chart on the S&P 500 is showing a possible breakout, while the weekly chart is showing support from the upper Keltner line at 1669. The 2 weekly opening range for the next six months has also been exceeded. Until some sign of sustained weakness, the weekly outlook remains bullish.
The S&P 500 weekly is showing a close near previous highs at 1687. If the highs are broken, 1703 could be tested, while a sell off could retest 1662 or lower. My weekly outlook is bullish.
The opening range for the next six months has completed. They are the following:
- High: 1674.25 ES
- Low: 1594.25
- Pivot High: 1658.50
- Pivot Low: 1634.25
S&P 500 Cash
- High: 1680
- Low: 1604
- Pivot High: 1667
- Pivot Low: 1642
I will be watching these numbers closely in the weeks to come.