E SPX, Gold, Oil And G6 Targets For The Week Of November 30

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

For intraday charts and update follow us on TradingView

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Bill Johnson 8 months ago Member's comment

Didn't expect that rally to fizzle so quickly...