The S&P 500 has rallied back to the middle Keltner line. On sustained strength, highs near 2000 may be retested, while a sell off could push the index back to lows.
The weekly outlook is neutral.
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.