S&P 500 Monthly Review April 2014

The S&P 500 monthly is showing another close above the upper Keltner channel. The long tails suggest that dip buyers are still present, but there’s not much follow through. The month closed about 10 points above the open.

Until I see sustained weakness, the monthly outlook remains bullish.

S&P 500 Weekly Review April 14 – 17

The S&P 500 weekly is showing a retest off of lows last week and another close inside of the range between 1840 – 1880. Until sustained weakness is shown, the outlook remains neutral to bullish.

The Nasdaq 100 weekly is showing a close in the lower Keltner channel and inside of last week’s range. The weekly outlook for the Nasdaq 100 is neutral to bearish.

 

S&P 500 Weekly Review April 7 – 11

The S&P 500 weekly is showing a close beneath the middle Keltner line in many weeks. It is also the first close below the  range between 1840 – 1880 in over a month.  On further weakness, 1770 might be tested, while a rally could retest the range above 1840-1880.

The weekly outlook is neutral to bearish.

The NDX has closed in the lower Keltner channel. On a further sell off, the lower Keltner line near 3430 or a retest of previous lows near 3410 may happen. The weekly outlook for the NDX is bearish.

S&P 500 and NASDAQ 100 Weekly Review March 31 – April 4

The S&P 500 weekly is showing another close inside of the range between 1840 – 1880. Until a sustained break out of this range is achieved, the outlook remains neutral to bullish.

The Nasdaq 100 is showing the first possible sell signal in almost 13 months. Confirmation of a multi-week sell off is if the market consistently closes in the bottom channel or underneath the lower keltner line, currently near 3439.

Outlook for the NASDAQ 100 is neutral to bearish.