Two weeks ago we posited that the upcoming counter-trend swing wouldn’t affect the bullish trend in place since the beginning of October. In fact, the SPX made two swing highs at 3132 and 3154 separated by a 25 point pull-back. In the end, the rally fizzled mid-week at the upside weekly target:
CIT Channels point to higher targets for next week between 3090 and 3190. However the trend is mixed, and the short-term Risk/Reward oscillator is in overbought territory, suggesting that a new sideways/down phase is due. A drop below 3130 will signal the beginning of such a phase.
Current signals*: Daily Long/Hold, Weekly Long.
The projected trading range for the rest of the year for SPX is 3000-3200.
For Oil, Gold and G6 weekly targets and Buy/Sell pivots, check the TV page which gets updated on Monday.
*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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