“If you can’t measure it, you probably can’t manage it” - Ed Seykota

Last week MarketWatch published a review of the “top” 15 Wall Street strategists ranked by the proximity of their 2019 targets to the SP500’s 11/7/19 level of 3085. As it happens, that was the week when the SPX hit our own upside target of 3080. The updated forecast is shown below, but you can see the original forecast here and here.

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As readers of our column know, we also publish weekly trading range forecasts, which allows us to examine forecasts v actual results at a more granular level. Below are the results for the last 15 months. The first chart shows the weekly range levels given over the week-end for the week ahead:

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while the chart below includes the price line:

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Considering that a properly drawn CIT channel is supposed to include 80% of price extremes, it is reassuring to know that our projections maintain the same level of forecasting consistency.

Which brings us to the week of November 11^th:

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The SPX is hitting against multiple long-term resistance levels and has started the week trapped below the Pivot line (long dotted horizontal line, which is the basic buy/sell weekly level) and trendline support. Market breadth is neutral.

Current signals*: Daily Hold, Weekly Long.

The projected trading range for next week for SPX is 3020-3120.