SPX, Bitcoin, Gold, Oil And G6 Targets For The Week Of March 9

The SPX spent the week bouncing between the upside and downside weekly targets. The late Friday recovery bore a strong resemblance to the bounce of Feb 28 and suggests that it is reasonable to expect a double bottom to develop at current levels. The targets for next week remain unchanged:

The modest improvement in market breadth, we noticed last Friday, lead to a strong bounce from deeply oversold levels, and culminated in overbought readings by Wednesday. Assuming we get strong directional bias next week, we can estimate that market breadth will get oversold in three days, or overbought in two:

For the time being, the SPX remains in bear market territory, and only a break above 3000 will turn the outlook neutral:

OIL continued to slide lower on OPEC disagreements, while the FED’s surprise rate cut lead to a continued slide of USD against the G6 and GOLD. BTC, however, failed to hang on to early gains and is sliding towards the downside weekly target.

For OIL, GOLD, BTC and G6 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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