January 28 – February 1 Weekly Review

S&P 500 Weekly

The S&P 500 weekly is showing a continuation of the uptrend. The higher high and the close above last week’s high are both bullish signs. I suspect 1520 may be tested soon.

However, the CCT indicator is showing that momentum upwards may start to wane as this point. If a close happens below 1514 cash next week, a top may be forming. Until I see some sort of rejection of current price levels, my weekly outlook is  bullish.