George Krum Blog | SPX Targets for The Week of November 16th | Talkmarkets
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George Krum is a trader, author, and developer of many apps and original technical indicators.

SPX Targets for The Week of November 16th

Date: Monday, November 16, 2020 11:41 AM EDT

Last week we cautioned that overbought market breadth readings usually precede a subsequent sideways/down move in the major indices, and that is exactly how the week unfolded. After a brief spike up on Monday morning, the SPX settled into a sideways move until Thursday, when market breadth dropped to oversold levels:

Now the pendulum is swinging the other way, and market breadth is rebounding from oversold readings, which argues in favor of an up phase. Bullish expectations are further reinforced by the fact that the SPX retained its weekly buy signal during the sideways phase, and now both the daily and weekly signals are bullish.

The weekly signal will turn bearish on a break below 3400. Weekly targets 3710 and 3470:

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