The S&P 500 weekly is showing another close in the upper Keltner channel. Support held around 1920 and the market rallied the last half of the week. Until the market shows sustained weakness, the weekly outlook remains neutral to bullish.
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Updates on Opening Range for 2nd Half of 2014
Trading Below Range
- S&P 500
- Russell 2000
- Dow Jones Industrial
- Dow Jones Transports
- 10 Year Treasury Index
- 30 Year Treasury Index
Trading Inside Range
- Nasdaq 100
Most of the major indexes appear to be bearish at this point.
S&P 500 Weekly Review August 4 – 8
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.