The sideways-down phase we were expecting last week arrived on cue. The SPX found support around the lower weekly target and staged a recovery rally to finish the week with a fractional gain. The weekly targets remain unchanged:
From a weekly perspective, the trend remains up, and price is in the middle of the uptrend channel, giving a year-end target of about 3200, in line with our monthly targets:
Market breadth is picking up steam after bouncing off oversold levels, and is supportive of higher prices going forward:
Current signals*: Daily Long/Hold, 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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