S&P 500 Weekly Review July 4 – 8

The S&P 500 weekly is showing a close above 2111 in the upper Keltner channel.

Despite the volatility in the last few weeks, the market has consistently closed in the upper Keltner channel. If 2111 holds as support,  the market may breakout.

However, a breakout in bonds is occurring on the 30 year. A tandem rally in both asset classes is rare.

The weekly outlook is neutral to bullish.