The S&P 500 monthly is showing another close above the upper Keltner channel. The long tails suggest that dip buyers are still present, but there’s not much follow through. The month closed about 10 points above the open.
Until I see sustained weakness, the monthly outlook remains bullish.
The S&P 500 monthly is showing a positive close for the month, a new high, and a close above the 2 week opening range. Until the market shows a sustained sell off, the monthly outlook remains bullish.
The monthly chart for the S&P 500 is showing another high and a close above last month’s range. February lows were bought in the first week and continued to rally into the end of the month.
This is also the first monthly close above the opening range.
The monthly outlook is bullish.
The S&P 500 Monthly candle opened at 1845 and closed at 1782. On further weakness, 1695 may be tested, while a rally may retest highs near 1850. The monthly outlook remains cautiously bullish.
Although on a monthly chart, the outlook clearly remains bullish, the market has closed beneath the opening range for the S&P 500 cash, which is the following:
As long as the market remains below 1815, a sell off for the first half of the year remains a strong possibility.
The S&P 500 monthly is showing another close near new highs. Until the market shows sustained weakness, the monthly outlook remains bullish.
