Last week we were expecting that oversold market breadth would help propel the major indices higher. The SPX had a very strong week and gained 12% which helped it to break out of the crash zone:

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For next week, however, the roles are reversed, and market breadth is overbought, which usually precedes a sideways/down phase for the major indices:

The severity of the expected pull-back will provide us with valuable information about the state of recovery of the markets. We expect that the March lows will hold. As usual, the intraday chart gives our SPX weekly targets based on CIT Channels. 2900 is the upside target and a key bullish pivot level. The interaction of price, targets and trend lines can be tracked in real-time here

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The USD/CHF has been in a narrow trading range since 2015, and until that range is broken, we’ll focus on the 10 Year Treasury Note. ZN  has a short-term double top just below 140 and a lower upside target, but will turn bullish above 138.09:

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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.