Before we reveal the price targets for 2021, let’s do a quick recap of 2020.
The SPX broke the downside yearly target for 1 day, on March 23rd, and then advanced uninterrupted until it reached the upside yearly target on September 2nd. 3600 then acted as support/resistance until the final days of 2020, or December 21st to be exact (SPX):
The weekly targets performed equally well by consistently defining the trading range a week in advance:
We start 2021 with a blank slate and a few key support/resistance levels and angles. The yearly targets are 3000 and 4400:
Weekly momentum readings have reached extreme overbought levels:
And the daily signal* has turned bearish already. Weekly targets 3700 and 3840:
*Please note that the signals are provided for informational purposes only. They are in effect as of the close on Friday and may change as soon as the markets re-open.
Charts, signals, targets and data courtesy of OddsTrader.
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