It would not be an exaggeration to say that the fate of the SPX upswing which started at the end of March is being decided right now, at current levels. For the last two and a half weeks the index has been trading in a narrow range between 2720 and 2880. The top level of that range sits in the middle of a strong technical resistance area which corresponds to the end of the first leg of the crash at the end of February:
During this period of consolidation, market breadth has gone from oversold to overbought to oversold, and is currently rebounding from oversold levels:
A gradual reopening of the economy and easing of restrictions has the potential to propel the index over the congestion zone and up to the next technical resistance level. Any delays or unexpected surprises would likely lead to a retest of support and a dip into the crash zone:
The 10 Year Treasury tried to break above the April 1 high but stalled at the upside weekly target. The weekly targets remain unchanged:
GOLD reached the upside weekly target and seems poised to test the April 13th highs:
BTC is pushing higher ahead of halving, and is printing higher weekly targets:
For OIL and G5 weekly targets and Buy/Sell pivots, check the TV page which gets updated on Monday.
*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, CIT for TradingView and NinjaTrader 8
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