This is Part Two of the regular weekly analysis of SPX, Gold, Oil and G6 currency pairs. For Part One, covering the SPX, interest rates and sector spiders click here.
As a reminder, we’ve added the current weekly and daily signals readings. Please note that these signals are in effect as of the close on Friday and may change as soon as the markets re-open. The SAR signals are based on the interaction between price and Gann angles drawn from swing highs and lows. On the chart they are color coded as green/buy, red/sell and yellow/hold. When the current signal is hold, we 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.
Oil traded around our upside target all week long, only to close on Friday a few cents below it.
Current SAR signals: Daily Buy/Hold, Weekly Buy.
Average up/down swing duration daily: 6/4, weekly: 4/8
Average up/down swing gain/loss daily: 4.09%/-3.02%, weekly: 6.93%/-11.26%
Monthly pivot for Oil at 73.3, S1 – 71, R1 – 76
The projected trading range for oil for next week is 72 – 78
Long RR (risk/reward) 1:1.56, Short RR 1:0.64
Gold tested our upside target several times but finished the week just below it. As stated before, it needs to break above 1220 for any sign of a meaningful bullish reversal.
Current SAR signals: Daily Buy/Hold, Weekly Sell/Hold
Average up/down swing duration daily: 5/5, weekly: 4/5
Average up/down swing gain/loss daily: 1.36%/-1.45%, weekly: 4.08%/-3.94%
Monthly pivot for Gold at 1196, S1 – 1172, R1 – 1220.
The projected trading range for gold for next week is 1150 – 1250
Long RR 0.8, Short RR 1.25
All G6 pairs hit our targets.
USDCHF reached our upside target on Wednesday and continued higher. Rising rates are pushing the USD towards parity with CHF.
Current trading signals: Daily Buy, Weekly Buy
