The S&P 500 weekly is showing another close above support and another new high. Until I see some sort of sign of weakness, my weekly outlook remains bullish.
The S&P 500 monthly is showing a close above resistance near 1490. This is very bullish on a monthly basis. If support holds, this may be a sign that highs near 1576 may be retested. In the event that highs are rejected with a selloff below 1390, 1420 will be retested.
My monthly outlook is bullish.
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.