The S&P 500 weekly is showing a close in the upper Keltner channel. A sustained rally could retest 2216, while a sell off could retest the 2100s or lower.
The S&P 500 weekly is showing a close right above the bottom Keltner line. Oscillators continue to show weakness in the market. If the market sells below 2080, the market may retest of 2043, while a rally could retest the 2120s.
The S&P 500 monthly is showing negative divergence. However, the October close still managed to remain the upper Keltner channel and inside the previous month’s range.
Until sustained weakness is shown, the monthly outlook remains neutral to bullish.