Last week the SPX came to within 1 point of our upside target, and the trend remains up. But before we look at the new targets for the week ahead, let’s address the elephant in the room.

The current upswing has lasted 26 days, or five times the average swing duration and with each passing day, the odds of a correction increase exponentially. However, a correction or retracement at this stage should not be viewed necessarily as a catastrophic event. Swings don’t last forever, and retracements are par for the course. Considering that market breadth is just turning up from oversold conditions, it is unlikely that a counter-trend swing will result in an immediate trend change.

Current signals*: Daily Long, Weekly Long.

The projected trading range for next week for SPX is 3050-3150.

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.