SPX, Oil, Gold And G6 Targets For The Week Of July 30

The SPX came to within 1 point of our projected high target and reversed on the last CIT date for July. Although the index fell below the CIT Cloud, and triggered a short-term sell signal, from a technical point of view the up-trend hasn’t been broken yet. According to classic TA, the old resistance range of 2785 – 2800 should act now as support, and as long as that’s the case, the SPX will remain in a strong position:

According to OddsTrader, the projected trading range for next week for SPX is 2786-2873.

Oil found channel and angle support and reversed up.

The projected trading range for oil for next week is 67 – 72.

GOLD finished the week at the 1 x 1 angle target, and until the angle and the CIT Cloud are broken to the upside, will remain in a downtrend.

The projected trading range for gold for August is 1180 – 1280, and for next week is 1210 - 1245:

Not much excitement in Forex land, where the G6 have been trading in a narrow range since June ’18.

Only some of our targets from the beginning of July are in need of minor adjustment.

Here are the relevant numbers:

EURUSD: 116 – 118

GBPUSD: 1.31 – 1.34, adjusted to: 1.3 – 1.33

USDCHF: 0.985 – 1.00

USDCAD: 1.30 – 1.325, adjusted to 1.2925 – 1.32

AUDUSD: 0.732 – 0.747

USDJPY: 109.5 – 111.5, adjusted to: 110 – 112

 

Charts, signals and data courtesy of OddsTrader, CIT for TradingView and NinjaTrader 8