S&P 500 Weekly Review January 12 – 16

The S&P 500 weekly is showing an unconfirmed sell. Despite the sell off, lows were bought and the week closed just above the middle Keltner line.

The dashed purple line right above 2000 is the pivot high for the 2014 year, while the gray dashed lines is the opening range for the first half of 2015.

From the chart, the market has yet to close beneath the pivots or in the lower Keltner channel since October 2014.  In the event of a sell off, 1937 or lower may be tested, while a rally will take the market back up to highs near 2091.

The weekly outlook is neutral.