The S&P 500 Monthly is showing new highs being tested along with another close up from last month. Despite being overbought, sustained weakness has not been shown this year with 9 positive closes and 2 negatives closes. Until the monthly chart shows sustained weakness, the monthly outlook remains bullish.
Another new high was made, along wither another close up above last month’s range. Until sustained weakness is seen, the monthly outlook remains bullish.
The S&P 500 monthly is showing another close above the top Keltner line. In the event of a rally, highs near 1728 could be retested, while a sell off could retest 1619.
The monthly outlook is bullish.
The S&P 500 monthly is showing a close inside last month’s range, along with a new all time high that was sold. If the market continues to sell off, I expect 1586 to be retested, while a rally could retest highs near 1709. Until a monthly close below 1576 occurs, the outlook remains bullish.
The S&P 500 tested new highs in July and closed above June’s range. Until the monthly charts show sustained weakness, the monthly outlook remains bullish.