E SPX, Gold, Oil And G6 Targets For The Week Of February 4th

Following a trend that started at the end of 2019, market breadth kept improving and pushing the major indices higher. The low of last week’s bearish candle was never challenged, and support held as well. As a result the SPX made it all the way to the next resistance level, which is the bearish target angle:

As mentioned before, the bearish target angle is close to the 1 x 1 angle from the September ’18 high, which means that price and time are squared again. Therefore, a break above the angle is critical for continuation of the 2019 rally.

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 2600-2800.

Oil remains in an uptrend, as every week since the beginning of 2019 it has managed to break above the previous week’s highs.

Current signals: Daily Long, Weekly Long.

The projected trading range for Oil for next week is 52 – 58:

Last week we noted that the price consolidation phase for GOLD may be over, and a close above 1300 was needed to mark the beginning of a new upswing. That’s exactly what happened, and GOLD finds itself in the middle of our projected target zone for next week.

Current signals: Daily Long, Weekly Long

The projected trading range for Gold for next week remains unchanged: 1300 – 1340:

USDCHF continues to test and get rejected at parity. The weekly targets remain the same, and our key long/short pivot remains at 1.00.

The projected trading range for USDCHF for next week is 0.985 – 1.003:

USDJPY finished the week flat. As mentioned last week, it 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 – 110.35:

EURUSD reached the upside weekly target on Wednesday and, although it retreated from that level later in the week, remains in a daily and weekly uptrend.

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