E SPX, Gold, Oil And G6 Targets For The Week Of April 15th

Last week we noted that market internals are weakening, and that should slow down momentum and prevent price from reaching the October ‘18 highs. Market breadth continued deteriorating until the beginning of earnings season on Friday, when the SPX was finally able to break above the weekly narrow trading range.

The market breadth oscillator bottomed out on Thursday and, barring some major negative surprises once earnings season gets underway in earnest, should be supportive of higher prices for next week.

The obvious target is the September ‘18 high, and it coincides with the upside weekly target of 2955:

Current signals*: Daily Long, Weekly Long

For Weekly Buy/Sell pivots check the TV page which gets updated on Monday.

The projected trading range for next week for SPX is 2820-2955.

Oil spent the week digesting recent gains, and established well defined support/resistance levels which sit in the middle of next week’s projected trading range.

Current signals: Daily Flat, Weekly Long.

The projected trading range for Oil for next week is 62 – 66:

GOLD tested the upside weekly target twice before selling off mid-week. It sits just above support going back to December ’18, and may be forming a head and shoulders pattern which projects a long-term downside target of 1210.

Current signals: Daily Flat, Weekly Flat.

The projected trading range for Gold for next week is: 1285 – 1315:

USDCHF continued its advance and came to within a few pips of our upside target mid-week before selling off. It still managed to close above parity, which is our long-term bullish/bearish pivot.

The projected trading range for USDCHF for next week is 0.9977 – 1.0077:

USDJPY has been trading within the confines of a narrow trading range since February ’18. On Wednesday it tested mid-range support and started a new upswing which should be able to carry it to the top of the range and the upside weekly target.

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