Last week we were expecting market breadth to reach oversold levels, and the SPX to keep targeting the ATH. Both seemingly contradictory events came to pass, and on Friday the SPX closed at a new high. Currently, market breadth is signaling a transition to a new sideways/up phase. For the time being, both the daily and weekly trading signals remain long*. A weekly reversal will be triggered with a break below 3350:

Among individual stocks, PG remains the undisputed leader, with a 39-day uninterrupted upswing, followed by Lowe's (31) and Home Depot (28):

Among the usual suspects, buoyed by impending stock splits, AAPL advanced 8.23%, while TSLA recorded a weekly gain of 24+% and 40+% for the current upswing. It experienced similar gains in April and July before pulling back:

FANG stocks (FB, AAPL, NFLX and GOOG) are, once again, bumping up against the upper channel. This, obviously, begs the question, what will happen to the major indices once the current leaders take a breather:

At the other end of the spectrum are certain COVID-19 related stocks, such as MRNA, CODX and IBIO,­­­­­­ with uninterrupted downswings lasting more than 12 days, and losses exceeding 50%.

Among the G5, EUR reversed sharply at the upside weekly target, while GBP kept bouncing between the upside weekly target and the pivot line. Unsurprisingly, GBP keeps the same targets for next week:

For  10Y Treasury, GOLD, OIL, BTC and G5 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, targets and data courtesy of OddsTrader, CIT for TradingView and NinjaTrader 8

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