E SPX, Gold, Oil And G6 Targets For The Week Of February 25th

Supported by strong market breadth the major indices keep making higher highs and higher lows. After bouncing off support at the down sloping target angle, the SPX made it to the next resistance zone anchored around 2800:

The daily SPY chart shows in greater detail how the dynamic between positive and negative market breadth changed at the end of December ’18:

There are two things to pay attention to -- the length and the strength of up-swings compared to down-swings. Until the current dynamic changes, market breadth will be supportive of higher prices.

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 2650-2850.

Oil finished the week a few cents below the upper weekly target. It remains in an upswing and continues making higher highs and higher lows.

Current signals: Daily Long, Weekly Long.

The projected trading range for Oil for next week is 54 – 59:

GOLD remains in an uptrend which started mid-November. It found resistance at the upper weekly target and finished the week with a small gain, just above the middle of the projected trading range.

Current signals: Daily Long, Weekly Long

The projected trading range for Gold for next week is: 1310 – 1350:

USDCHF keeps trading around parity for the third week in a row. $1.000 remains the bullish/bearish pivot going forward.

The projected trading range for USDCHF for next week is 0.9945 – 1.015:

USDJPY gained little during the week, but remains in an uptrend. The projected trading range remains the same.

Current signals: Daily Flat, Weekly Long.

The projected trading range for USDJPY for next week is 109.5 – 112:

EURUSD found resistance at the upper weekly target and sold off at the end of the week. It will remain in a weak position as long as it trades below 1.15. A break below 1.12 can lead to an 8% drop.

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