The S&P 500 weekly is showing another close beneath the lower Keltner line. A further sell off could retest lows near 1800, while a rally above 1904 could retest 1950+.
The close in the lower Keltner channel is a first in many January’s. Buyers still seem to be present in the 1900s-1800s. Despite this, the market outlook is neutral to bearish.