The S&P 500 weekly is showing a close below the lower Keltner line. Repeatedly closing underneath the lower Keltner line and making new lows will confirm a downtrend in the index.
The weekly outlook is bearish.
Monthly Archives: January 2016
S&P 500 Weekly Review January 11 -15,
The S&P 500 weekly is showing a close in the lower Keltner channel. This is the first close beneath lower Keltner channel since September 2015. Both oscillators are showing weakness and sell signal has been confirmed. Further confirmation is if resistance holds near 1910.
The weekly outlook is bearish.
S&P 500 Weekly Review January 4 – 8
The S&P 500 weekly is showing a close in the lower Keltner channel. A break below 1914 could retest lows near 1867, while a rally could retest 2017.
A possible sell signal has also triggered on one of the oscillators.
The weekly outlook is neutral to bearish.
S&P 500 Weekly Review December 28 – January 1
The S&P 500 weekly is showing another close in the upper Keltner channel.
The weekly outlook remains neutral to bullish.
On a six month opening range basis, the S&P 500 closed inside the opening range from July. A neutral to bearish close for the six month period.
On a yearly basis, the S&P 500 did not close above the opening price of the year, and did not close above 2014’s high. On a yearly basis, the close looked neutral to bullish.
Overall, the whole year was a consolidation in a range with neither highs being bought nor lows being sold. 2134 and 1867 will be levels that should be observed carefully in 2016 for signs of a rally or sell off.