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:

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