E SPX & G6 Prices For The Week Of May 29th

Below is a brief recap of last week’s price projections and the price targets for next week.

Weekly sentiment remained glued to the 50% level and continues to reflect the lack of conviction among bulls and bears:

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As a result, the SPX continued trading within the well-defined narrow range of 2700 - 2740. A break above or below that range should lead to a test of our upside or downside targets of 2680 and 2780. These levels closely match the weekly CIT Pivots:

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You can keep track of our daily and intraday market updates here.

While the major indices were treading water, the forex markets attracted all the action, and by the end of the week all G6 pairs hit their upside or downside targets.

The Euro couldn’t break above the pivot line (grey dotted line), continued sliding and finished the week at our downside target.

The projected price range for next week for EURUSD is 1.16 - 1.18:

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The Pound’s slide accelerated again after breaking below support at 1.345, and finished the week slightly below our downside target.

The projected trading range for next week for GBPUSD is 1.322 – 1.35:      

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On Monday, USDJPY came within a few pips of our upside target, then reversed sharply and broke below the pivot line, erasing all gains from the preceding week. It finished the week just below our downside target but above key support levels.

 The projected trading range for next week for USDJPY is 108.7 – 110.63:

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The USDCAD initially came within a few pips of our downside target but then reversed, broke above the pivot line and hit our upside target on Friday.

The projected trading range for next week for USDCAD has been adjusted slightly upwards to 1.28 – 1.305; CIT Angle upside target at 1.308:

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