Last week we noted that market breadth is rising out of oversold levels. The SPX rode the rising tide and reached another milestone by breaking briefly into the Neutral zone:

This, however, happened on the day market breadth got overbought, signaling that another sideways/down phase is about to begin:

Now the focus should shift to the level of retracement during the pull-back. Anything above 2720, or a higher high, should be considered positive for the market.

When it comes to trading and investing, one size does not fit all. Therefore, we put the next chart together because it blends daily and weekly signals from two different systematic trading strategies. The cumulative signal line reflects the weekly signal (bullish - up, bearish - down), but the coloring is derived from the daily signal (green - long, red - short, yellow- neutral). The short-term system is more appropriate for swing traders, while the longer-term should appeal to position traders.

Currently both daily signals are short, while the weekly signals remain long. This could change at the open on Monday. The signal lines offer some interesting perspectives, and it is worth examining the interaction between daily and weekly signals. At a minimum, they underline the importance of always keeping an eye on the higher time frame:

The 10 Year Treasury keeps consolidating at the highs. The weekly targets remain unchanged:

Contrary to our expectations, Gold continued selling off and reached the downside weekly target. The trading range in place since the beginning of April remains intact:

BTC continued pushing higher ahead of halving, and after stalling briefly at the upside weekly target, broke above it at the end of the week:

For OIL 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

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