Once again, the SPX didn’t disappoint and continued following last week’s scenario  with uncanny precision price and time wise. First, the futures dropped to the projected low target on Monday, bounced off and then proceeded to advance 150+ points, briefly exceeding our upside weekly target, only to pull back and close on Friday just 5 points below it:

With less than two months remaining until Dec 31, it’s time to revisit the year-end targets. Surprisingly, even after the October sell-off (and assuming that the lows are in), the high target range of 2880 – 3050 is still in play for the time being. This however is dependent on a very strong year-end rally, similar to the January-February rally but twice as long. A more likely scenario is an average upswing, giving a 2780 – 2880 target, in tune with the 2018 yearly harmonic range.

Some of the short-term market breadth indicators we follow have reached overbought levels, suggesting that a sideways/down phase will follow.

Current signals: Daily Buy/Hold, Weekly Sell, Monthly Sell

Daily Sell pivot for Monday at 2700.

The projected trading range for next week for SPX is 2665-2785.

Oil remains on a sell signal. After finding support at the lower weekly target on Tuesday and Wednesday, the downtrend continued the rest of the week. In doing so, Oil is fast approaching the lower channel of the uptrend which started in 2016, at around $59, which is the likely target of this down-swing.

Current signals: Daily Sell, Weekly Sell.

Daily Buy pivot for Monday at 64.15

The projected trading range for oil for next week is 61.5 – 66.5:

Gold dropped to our low weekly target on Wednesday, reversed immediately, and finished the week flat. It still trades above 1220, which is a key bullish reversal level.

Current signals: Daily Buy, Weekly Buy

Daily Sell pivot for Monday at 1230.

The projected trading range for Gold for next week is 1215 – 1255:

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