Instead of a seasonal bounce, the Thanksgiving week brought a whiff of panic and liquidation. The futures dropped below the weekly sell pivot at 2700 on Monday and never looked back. There’s no technical support between Friday’s close and the October ’19 low. However, considering the overall technical picture, market breadth and internals, there’s reason to believe that the October low will hold until there’s some clarity about the two key issues of interest rates and trade tensions.
Current signals: Daily Sell, Weekly Sell, Monthly Sell
Weekly Buy pivot at 2647.
The projected trading range for next week for SPX is 2570-2710:
Oil tried to hang onto the lower weekly target but the sell-off accelerated on Friday. Expecting the pattern of short-term counter-trend bounces to continue until there are clear signs that a technical bottom is in place.
Current signals: Daily Sell, Weekly Sell.
Daily Buy pivot for Monday at 51.7
The projected trading range for Oil for next week is 49 – 55.5:
Gold traded flat all week long and couldn’t reach any of its targets.
Current signals: Daily Buy, Weekly Buy
Daily Sell pivot for Monday at 1218.
The projected trading range for Gold for next week is 1210 – 1245:
The G6 target update will continue next week.
*Please note that the trading signals are in effect as of the close on Friday and may change as soon as the markets re-open. When the current signal is hold, we may also include the preceding buy or sell signal (e.g. Buy/Hold or Sell/Hold). Hold signals followed by a buy/sell signal in the direction of the preceding buy/sell signal can be considered for pyramiding the position.
Charts, signals and data courtesy of OddsTrader, CIT for TradingView and NinjaTrader 8
