SPX, Gold, Oil And G6 Targets For The Week Of December 16

Last week the expectation was that improving market breadth will continue pushing prices higher. The SPX came to within 6 points of our upside target and is printing slightly higher targets for next week: 3100-3200

The refusal of market participants to fully embrace the trend is reflected in the market breadth chart which hasn’t reached overbought levels since September:

In the meantime, the SPX continues advancing in the middle of the upside target channel. The bottom of that channel is the most important trendline to keep an eye on going forward.

Current signals*: Daily Long, Weekly Long.

The projected trading range for the rest of the year for SPX is 3000-3200.

For Oil, Gold 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 and data courtesy of OddsTrader, CIT for TradingView and NinjaTrader 8

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