SPX, Bitcoin, Gold, Oil And G6 Targets For The Week Of February 24

Last week’s forecast incorporated two seemingly contradictory components. Price action was leading us to raise both our upper and lower targets, while market breadth was suggesting that a sideways/down phase is about to begin. The SPX managed to fulfill both expectations. A new high on Wednesday was followed immediately by a 60+ point sell-off, which brought the futures to within 3 points of our downside weekly target:

For next week, the outlook is the exact opposite. The SPX is printing lower targets, while market breadth has reached oversold levels, which usually precedes a sharp rebound:

So far, the technical damage has been minimal, as the SPX has found support at the weekly pivot line. However, a break below 3325 has the potential to lead to a retest of the lower channel trendline at 3220:

Bitcoin tested the downside weekly target several times, and then staged a rebound at the end of the week.

The projected trading range for the BTC is 9200 – 10500:

 

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, targets and data courtesy of OddsTrader, CIT for TradingView and NinjaTrader 8

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