S&P 500 Weekly Review July 14 – 18

The S&P 500 weekly is showing another close above the upper Keltner line. Despite the sell off on Thursday, buyers came in and closed the week positive.

The opening range for the next six months has been set. The Russell 2000 index broken below it’s range¬† [RUT], while the weekly chart for the Nasdaq 100 is showing a potential breakout at highs and a slight close above the range.

Support forming above 3923  would confirm the breakout to the upside, while a sustained break below that level could be a top.

The weekly outlook for the S&P 500 remains bullish.