S&P 500 Weekly October 7 – 11

The S&P 500 weekly is showing another close in the upper Keltner channel. The reversal from lows near 1650 shows that buyers are still in the market. On a rally, 1722 or higher may be tested, while a sell off should retest 1664 or lower.

One detail that’s interesting is the slight divergence on the PPO.  This is reflected in the price action where highs are sold into the Keltner average, rather than just the top Keltner line in the previous half of the year.

The weekly outlook is neutral to bullish.


Analysis of the S&P 500