S&P 500 Weekly Review April 7 – 11

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.