The S&P 500 weekly is showing another close beneath the lower Keltner channel despite the lows being bought. Until the market can show sustained strength, the weekly outlook remains bearish.
S&P 500 Weekly October 6 – 10
September 2014 Monthly Review
The S&P 500 monthly is showing a close inside of August’s range. Of note is the cross over in averages in the PPO indicator. First one since 2012 on the monthly chart.
If this is the beginning of a bear market, a potential retest of 1798 or lower may happen. For now, the upper Keltner line near 1918 is holding as support for the beginning of October.
The outlook remains bullish.