The SPX followed the script to a T and made a second swing  low, just like it did during the other  sell-offs this year (February, April, May and June). Several of our market breadth indicators are in oversold territory and show bullish divergences. This all suggests that a tradeable bottom may be forming.

Current signals: Daily Sell, Weekly Sell, Monthly Sell

Daily Buy pivot for Monday at 2680.

The projected trading range for next week for SPX

(Click on image to enlarge)

is 2620-2730.

Oil remained on a sell signal. It traded around our downside target all week long, and closed on Friday less than $1 above it.

Current signals: Daily Sell, Weekly Sell.

Daily Buy pivot for Monday at 68.

The projected trading range for oil for next week is 64.75 – 70:

Gold started the week on a buy signal and came to within $1 of our upside weekly target before losing momentum on Friday. It still trades above 1220, which is a key bullish reversal level.

Current signals: Daily Buy, Weekly Buy

Daily Sell pivot for Monday at 1233.

The projected trading range for gold for next week is 1215 – 1252:

USDCHF was on a buy signal and climbed to within a few pips of our upside target before reversing on Friday.

Current signals: Daily Buy, Weekly Buy

Daily Sell pivot at 99.4.

The projected trading range for USDCHF for next week is 0.99 – 1.006:

USDJPY reversed course on Tuesday and reached our downside weekly target on Friday.

Current signals: Daily Sell, Weekly Buy/Hold

Daily Buy pivot for Monday at 112.2

The projected trading range for USDJPY for next week is 111.3 – 113:

EURUSD continued weakening and reached our downside target mid-week. It managed to close slightly above it on Friday but the trend remains down.  

Current signals: Daily Sell, Weekly Sell

Daily Buy pivot for Monday at 1.144

The projected trading range for EURUSD for next week is 1.127 – 1.15:

GBPUSD remained under pressure and after testing our downside weekly target twice on Tuesday and Wednesday continued selling off the rest of the week.

Current signals: Daily Sell, Weekly Sell

Daily Buy pivot for Monday at 1.285

The projected trading range for GBPUSD for next week is 1.272 – 1.295:

USDCAD started the week flat, trading around the weekly pivot level. Then it came alive on Thursday and Friday, but that wasn’t enough to reach any of the target levels and, in the end, ended the week flat. The projected trading range for next week remains the same.

Current signals: Daily Buy, Weekly Buy

Weekly pivot at 1.3091

The projected trading range for USDCAD for next week is 1.295 – 1.32:

AUDUSD came to within a few pips of our weekly downside target on Friday but staged a sharp reversal and finished the week flat, just below the weekly pivot. The weekly target range remains the same. AUDUSD needs to break above the weekly upside target at .72 for any show of strength.

Current signals: Daily Sell/Hold, Weekly Sell

Weekly pivot at 0.7114

The projected trading range for AUDUSD for next week is 0.7 – 0.72:

*Please note that the trading signals are in effect as of the close on Friday and may change as soon as the markets re-open. When the current signal is hold, we may also include the preceding buy or sell signal (e.g. Buy/Hold or Sell/Hold). Hold signals followed by a buy/sell signal in the direction of the preceding buy/sell signal can be considered for pyramiding the position.

Charts, signals and data courtesy of OddsTrader, CIT for TradingView and NinjaTrader 8