The SPX followed the script to a T and made a second swing low, just like it did during the other sell-offs this year (February, April, May and June). Several of our market breadth indicators are in oversold territory and show bullish divergences. This all suggests that a tradeable bottom may be forming.
Current signals: Daily Sell, Weekly Sell, Monthly Sell
Daily Buy pivot for Monday at 2680.
The projected trading range for next week for SPX
is 2620-2730.
Oil remained on a sell signal. It traded around our downside target all week long, and closed on Friday less than $1 above it.
Current signals: Daily Sell, Weekly Sell.
Daily Buy pivot for Monday at 68.
The projected trading range for oil for next week is 64.75 – 70:
Gold started the week on a buy signal and came to within $1 of our upside weekly target before losing momentum on Friday. It still trades above 1220, which is a key bullish reversal level.
Current signals: Daily Buy, Weekly Buy
Daily Sell pivot for Monday at 1233.
The projected trading range for gold for next week is 1215 – 1252:
USDCHF was on a buy signal and climbed to within a few pips of our upside target before reversing on Friday.
Current signals: Daily Buy, Weekly Buy
Daily Sell pivot at 99.4.
The projected trading range for USDCHF for next week is 0.99 – 1.006:
USDJPY reversed course on Tuesday and reached our downside weekly target on Friday.
Current signals: Daily Sell, Weekly Buy/Hold
Daily Buy pivot for Monday at 112.2
The projected trading range for USDJPY for next week is 111.3 – 113:
EURUSD continued weakening and reached our downside target mid-week. It managed to close slightly above it on Friday but the trend remains down.
Current signals: Daily Sell, Weekly Sell
Daily Buy pivot for Monday at 1.144
The projected trading range for EURUSD for next week is 1.127 – 1.15:
