E SPX, Gold, Oil And G6 Targets For The Week Of February 11th

There were two themes in last week’s forecast. The first focused on market breadth, which continues to be supportive of higher prices. The focus of the second was the bearish 1 x 1 angle from the ’18 high. The SPX closed on that angle, meaning that price and time are in balance. The notion of balance was reinforced by the weekly doji  candle which represents balance between buyers and sellers:

Therefore, a break above the angle is critical for continuation of the 2019 rally. The next bullish target is just above 2800, while support starts at the 2630 level.

Current signals*: Daily Flat, 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 2600-2800:

Oil found support at the lower weekly target and staged a modest rebound at the end of the week. The technical outlook hasn’t changed, since it continues making higher highs and higher lows.

Current signals: Daily Flat, Weekly Long.

The projected trading range for Oil for next week is 50 – 56:

GOLD continues trading above the breakout 1300 level and remains in an uptrend.

Current signals: Daily Long, Weekly Long

The projected trading range for Gold for next week remains unchanged: 1295 – 1330:

USDCHF finally broke above parity but met resistance at the upper weekly target and retreated to just below $1.00.

The projected trading range for USDCHF for next week is 0.993 – 1.0085:

USDJPY remains in an uptrend but needs to break above 110 to keep the bullish momentum alive.

Current signals: Daily Flat, Weekly Flat.

The projected trading range for USDJPY for next week is 108.5 – 111:

EURUSD sold off to the downside weekly target on Wednesday and, after testing that level several times, broke below it on Friday.

The projected trading range for EURUSD for next week is 1.125 – 1.145:

GBPUSD started retreating from the open on Sunday and traded most of the week at the lower weekly target.

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