The S&P 500 monthly is showing a close inside of last month’s bar. Despite the sell off at the end of the month, the close remains above the upper Keltner line. The PPO continues to show divergence, however, sustained selling has yet to take place.
The monthly outlook remains bullish.
The S&P 500 weekly is showing another close in the upper Keltner channel. New highs were tested near 2120.92 cash.
In the event of a rally, 2150 may be tested, while a sell off may test recent lows near 2066. Despite new highs being tested, bullish momentum has waned since February.
The weekly outlook remains neutral to bullish.
The S&P 500 is showing another close in the upper Keltner channel. The weekly outlook remains neutral to bullish.
The weekly bar closed inside of the last month’s trading range. Momentum to the upside is waning , however, sustained selling has not taken place yet. The weekly outlook is neutral to bullish.
The S&P 500 weekly cash closed for the week at the middle Keltner line, however, the future market closed down 20 points in after hours trading on Friday.
Until sustained weakness or strength can be shown, the weekly outlook remains neutral.