The S&P 500 Weekly is showing a close at highs in the upper Keltner channel.

So far the market is starting to show some bullish signs for the first half of the year.

• Multiple tests of the yearly pivot near 1955 have held.
• Closed above 2058, opening print for 2015.
• Closed above 2096.99, last year’s high. Albeit, barely.
• Closed above the six month opening range at 2072.

This is the first week the market has closed outside of the weekly consolidation that’s been happening since January.

The weekly outlook is neutral to bullish.

The S&P 500 weekly is showing another close in the upper Keltner channel. The weekly chart has yet to break its range between 2072 and 1988.

The weekly outlook is neutral to bullish.

Market remains range bound since the beginning of the year. In the event of a rally, 2096 may be tested, while a sell off could retest 1990 or lower.

The weekly outlook remains neutral to bullish.

The S&P 500 weekly is showing an unconfirmed sell. Despite the sell off, lows were bought and the week closed just above the middle Keltner line.

The dashed purple line right above 2000 is the pivot high for the 2014 year, while the gray dashed lines is the opening range for the first half of 2015.

From the chart, the market has yet to close beneath the pivots or in the lower Keltner channel since October 2014.  In the event of a sell off, 1937 or lower may be tested, while a rally will take the market back up to highs near 2091.

The weekly outlook is neutral.