S&P 500 Weekly Review July 15 – 19

The S&P 500 weekly review is showing a close below the upper Keltner line. Market activity from the last year and a half shows resistance near the 2900-2950 area with sell offs recurring near current levels during that period. Should this area become support, the market may be in the process of breaking into a new range above 3000.

The weekly outlook is neutral to bullish.