The SPX followed the script we offered last week to the T. It sold off early in the week to support at the January high, rallied, reached the upside target on Thursday and printed a weekly close just below that target.

By the way, setting up alerts at target levels is a convenient way to keep track of price action without being glued to the screen, and helps book quick profits:

While discussing swing action in the SPX, we noted that the current upswing must exceed 6 days to ensure that the bullish wave, which started in January, remains in place. This proved to be the case and, as the chart below shows, the index remains in a green/bullish wave. This bullish action was supported by the DJIA, which also made a new all time high.

The projected trading range for next week for SPX is 2900-2960. Friday’s close was in the middle of that range, meaning that the risk profile for next week is neutral. While the long-term trend is up, the current upswing has exceeded the average duration and is overdue for a reversal. The next SPX CIT date is September 24.

Oil hit our upside target on Thursday and pulled back. It remains stuck in a $64 - $74 trading range.

The projected trading range for oil for next week is 68 – 72.7

Monthly pivots: P – 69.9, S1 – 67.5, S2 – 63.3, R1 – 72.3, R2 - 74

Gold was on track to reach our upside target but a sharp sell-off on Thursday pulled it back towards the monthly pivot in the middle of that trading range which, once again, remains unchanged for next week.

Monthly pivots: P - 1205, S1 - 1180, S2 – 1160, R1 – 1230, R2 - 1250

The projected trading range for gold for next week is 1190 - 1220.

All G6 pairs hit our targets.

USDCHF hit our downside target twice and finished the week just below it. The search for a bottom continues, and the next lower Fibonacci retracement level is at 0.9524.

USDJPY broke above our upside target several times and finished the week slightly higher.

Monthly pivot at 111.1, R1 – 112.5, R2 – 113.7

The projected trading range for USDJPY for next week is 111 – 112.5:

EURUSD reached our upside target and reversed sharply at the end of the week, breaking below the bullish target angle.

Monthly pivot for EURUSD at 1.16, R1 – 1.1737, R2 – 1.1859

The projected trading range for EURUSD for next week is 1.1626 – 1.182.

GBPUSD tested our upside target several times. Just as it broke above it however, Theresa May succeeded in bringing it back to where it began the week. In summary, last week’s GBPUSD action was a strong reminder to keep the target angles updated.

The monthly pivot line is at 1.29, R1 – 1.3253, S1 – 1.291.

The projected trading range for GBPUSD for next week is 1.3043 – 1.3285:

Last week we noted that the USDCAD bullish upswing came to an end and the USD continued sliding against CAD, coming to within a few pips of our downside target. It should be noted that recent downswings have lasted on average 10 days, as with the current bear swing.

Monthly pivot at 1.307, S1 – 1.293, S2 – 1.280

The projected trading range for USDCAD for next week is 1.28 – 1.304.

AUDUSD broke above the upside target mid-week and never looked back. This, however, hasn’t quite reversed the long-term downtrend yet. There’s strong resistance just above at 0.735.

Monthly pivot line at 0.7184, S1 – 0.7037, R1 – 0.72937, R2 – 0.73877

The projected trading range for AUDUSD for next week is 0.7036 – 0.738.

Please note that this is a weekly chart:

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