Most of the markets we follow flat-lined the week before Easter and came back to life immediately after.

The SPX finished the week 2 points below the all time high of September ’18, and continues to make  higher highs and higher lows. With the end of month only a couple of days away we wouldn’t be surprised to see the averages continue to advance higher. 

The market breadth oscillator is bottoming out once again, and this is supportive of higher prices for the beginning of next week.

The SPX upside target has moved up to 2975, and the last technical obstacle lies at 2942. The bullish trend remains intact as long as the SPX trades above 2875, which coincides with our downside weekly target:

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 2875-2975.

Oil continued rallying on Monday and Tuesday, then sold –off for the rest of the week, and came to within 28 cents of our downside target. $62 remains key technical support level.

Current signals: Daily Short, Weekly Flat.

The projected trading range for Oil for next week is 62 – 67:

GOLD continues to be on a head-and-shoulders pattern watch. It is behaving in a classic TA fashion and is currently testing the neckline at 1888, which acted as support for the last four months. Failure at this level projects a long-term downside target of 1210.

The projected trading range for Gold for next week is: 1265 – 1300:

USD/CHF continued advancing for the fifth week in a row before stalling at the upside weekly target. Considering the long uninterrupted nature of the advance it is reasonable to expect a pause at current levels, and even a retest of the March breakout level which is just below our downside target. We remain bullish above parity.

The projected trading range for USD/CHF for next week is 1.014 – 1.026:

EUR/USD seems to be completing another zig-zag move lower, with the November ’18 lows becoming resistance.

The projected trading range for EUR/USD for next week is 1.108 – 1.1215:

GBP/USD hasn’t responded very well to the Brexit delay and continues sliding lower, breaking below the descending triangle. 1.295 is the obvious resistance level, while 1.255 is the long-term bearish target.

The projected trading range for GBPUSD for next week is 1.275 – 1.305:

USD/CAD is more or less the mirror image of GBP/USD. After trading flat for two months it finally reached our upside weekly target and stalled. There’s a well-defined ascending triangle in place which projects a long-term high target of 1.38.

The projected trading range for USD/CAD for next week is 1.33 – 1.36:

AUD/USD couldn’t break above resistance at 0.72 and sold off to the downside weekly target in place since mid-March. The pair has been trapped in a box since the beginning of 2019, and there’s strong long-term support at 0.7.

The projected trading range for AUD/USD for next week is 0.694 – 0.71:

*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 and data courtesy of OddsTrader, CIT for TradingView and NinjaTrader 8

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