The S&P 500 weekly is showing the first test of the middle keltner line since April. Lows were bought this week. In event of a rally, 1969 may be tested while a continued sell off below 1915 may test 1891 or lower.
The weekly outlook is neutral to bullish.
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.