The S&P 500 monthly is showing another close in the upper Keltner channel. Despite a rocky start this year, the S&P 500 has managed to close above last year’s highs.
The S&P 500 monthly is showing negative divergence. However, the October close still managed to remain the upper Keltner channel and inside the previous month’s range.
Until sustained weakness is shown, the monthly outlook remains neutral to bullish.