S&P 500 Weekly Review July 28 – August 1

The S&P 500 weekly is showing a close in the upper Keltner channel. Further weakness should retest 1911 and a break below that level could retest levels near 1857. On a rally, 1966 could retested.

Furthermore, the week closed for the first time below the 6 month opening range for the 2nd half of the year.

The weekly outlook is neutral to bullish.