The S&P 500 weekly is showing a consolidation that has lasted since February of this year. A sustained break to new highs and holding above the upper Keltner channel could result in a rally. Conversely, a sell off could break lows and eventually retest the low 1900s.
The weekly chart is showing a close near previous weekly resistance. A further rally could retest 2160 while a sell off could retest 2098 or lower.
The weekly outlook is neutral to bullish.
The S&P 500 weekly is showing another close in the lower Keltner channel. This is the first close in the lower channel since January. In a further sell off, 2031 may be tested, while a rally could retest 2093.
The weekly outlook is neutral to bearish.
The S&P 500 monthly is showing a close down. Please note the latest bar in the chart above shows July’s open. June is showing a close beneath last month’s low and has closed in the upper Keltner channel for the first time since 2012.
A sell off could retest 1984, while a rally could retest 2138. The monthly outlook is neutral to bullish.
The S&P 500 weekly is showing a close in the lower Keltner channel. Despite the weak price action, the market is still holding above the previous six month opening range.
The weekly outlook is neutral to bearish.
The S&P 500 weekly ended slightly above the Keltner average. The market has yet to break it’s weekly range.
Until sustained weakness or strength is shown, the weekly outlook is neutral.