SPX reached and stalled at our upside weekly target. It is, once again, challenging the top of the weekly bullish channel, suggesting that a new sideways/down phase is ready to begin:
Market breadth never followed suit, and remained stuck mid-range for most of the week, thus creating a negative divergence. This is another warning sign that market internals are not as strong as price action alone would have us believe:
Nevertheless, the SPX continues printing higher targets, and will remain bullish above the daily pivot line is at 3370.
The projected trading range for the SPX is 3325 – 3425:
Bitcoin (BITCOMP) presents a mixed bag. Weekly BTC remains on a long signal, while daily BTC turned short on Friday. A breakout above the pivot line at 10050 will reverse the short signal.
The projected trading range for the BTC is 9400 – 10750:
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