E Targets For The Week Of August 10th

Two weeks ago, we anticipated that oversold market breadth and seasonality would help propel the major indices higher. The SPX bounced three times off key support at 3200 and finally broke through the last resistance zone separating it from the February ATH:

Interestingly, despite the uninterrupted advance all last week, daily market breadth remains within the neutral zone, although just one day away from reaching overbought levels. This suggests that the new stimulus package may trigger a “sell the news” reaction next week:

Both the daily and weekly trading signals are long, and the ATH at 3397 is in the crosshairs:

The Dollar index seems to have found a temporary double bottom, and this was reflected in G5 price action. EUR, GBP and AUD made double tops at our upside weekly targets, while USDCAD bounced twice off the downside weekly target. A fresh round of stimulus measures, however, may very well lead to renewed USD weakness:

For  10Y Treasury, GOLD, OIL, 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

For intraday charts and update follow us on TradingView

Disclaimer: Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money ...

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William K. 2 months ago Member's comment

Interesting but not sure what to make of it.