The S&P 500 Monthly candle opened at 1845 and closed at 1782. On further weakness, 1695 may be tested, while a rally may retest highs near 1850. The monthly outlook remains cautiously bullish.
Although on a monthly chart, the outlook clearly remains bullish, the market has closed beneath the opening range for the S&P 500 cash, which is the following:
- Pivot High – 1843
- Pivot Low – 1832
- Opening Range High – 1851
- Opening Range Low – 1815
As long as the market remains below 1815, a sell off for the first half of the year remains a strong possibility.
The S&P 500 closed at the middle keltner line. On a further sell off, I expect 1733 or lower to be tested, while a rally could retest 1827 or higher.
The weekly outlook is neutral.
The S&P 500 weekly is showing the first sell off for the year. The weekly close is also below the 6 month OR low, near 1815. If weakness continues to show, 1773 or lower could be tested, while a rally could retest 1823 or higher.
The weekly outlook is neutral to bullish.
The S&P 500 Weekly is showing a close in last week’s range. However, oscillators are starting to show divergences, but continuous selling pressure has yet to show in the market. The weekly outlook remains bullish.