Another week, another milestone reached. On Friday, the SPX broke into the bullish zone. Technically speaking the next resistance level is the all-time high at 3397, with minor resistance in the 3210 – 3220 area before that:
Market breadth is reaching overbought levels, while momentum (blue line) moved one step closer to record high levels. This signals that a sideways/down phase cannot be too far away:
The daily/weekly technical picture remains bullish, with two daily and two weekly long signals*:
OIL, JPY, EUR, GBP and AUD all met or exceeded their upside weekly targets. EURUSD reached the March highs, and a consolidation is to be expected:
The 10Y Treasury, by contrast, had a complete meltdown, and broke below the two month consolidation zone, doubling the size of the weekly downside target. We expect a sideways consolidation to follow:
For OIL, GOLD, BTC 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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