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.