The S&P 500 weekly is showing a continuation of the uptrend. The higher high and the close above last week’s high are both bullish signs. I suspect 1520 may be tested soon.
However, the CCT indicator is showing that momentum upwards may start to wane as this point. If a close happens below 1514 cash next week, a top may be forming. Until I see some sort of rejection of current price levels, my weekly outlook is bullish.
The S&P 500 Weekly closed at new highs. On the other hand, the CCT indicator is showing a potential top being made. If next week closes inside this week’s range, a possible top may be forming.
My outlook is bullish.
The first 10 trading days have passed and the following price range is being tracked.
For the ES contract, the opening range is 1471 – 1438
The NQ opening range for the 1st half of the year is 2750 – 2686.
The S&P 500 Weekly is showing a test of the upper keltner line and making new highs. If the weekly bar closes above 1480 cash next week, either an intermediate uptrend is in progress or a top is forming in the next few weeks.
My outlook remains neutral to bullish.
The S&P 500 weekly has confirmed the buy signal. As long as the weekly chart closes above 1440, the buy signal is valid. I expect 1481 to be tested at some point.
My weekly outlook remains neutral to bullish.