The SPX continues to defy bearish prognosticators and not only broke above the January high, but did so in record time.  Since 1971 it has taken the index anywhere from 9 to 91 months to accomplish this task. This has serious bullish implications going forward, but the operative word for the immediate future is “follow-through.”

The projected trading range for next week for SPX is 2875-2935.

You can easily incorporate these targets into your workflow by selecting a lower time frame (4h for example) and by drawing target angles from swing highs and lows. As the trend progresses, these angles can be moved up or down in order to protect short-term gains. The second price level to keep an eye on is the weekly CIT Pivot Line (dotted horizontal line). The rules to follow for swing traders are simple and straightforward: long above the target angle and pivot line, short below.

Here are the monthly CIT pivots for SPX.

Pivot: 2903, S1 – 2865, S2 – 2833; R1 – 2940, R2 – 2975

Oil reached the projected high target and pulled back. The current outlook remains bullish, as long as oil trades above the target angle and the pivot line.

The projected trading range for oil for next week is 67 – 72.

Monthly pivots: P – 69.9, S1 – 67.5, S2 – 63.3, R1 – 72.3, R2 - 74

Gold started anther downswing and will remain in a weak position as long as it trades below the target angle and the pivot line.

Monthly pivots: P - 1205, S1 - 1180, S2 – 1160, R1 – 1230, R2 - 1250

The projected trading range for gold for next week is 1190 - 1220:

Several G6 pairs hit both their upside and downside targets, but the CHF continues to steal the spotlight with its sharp drop measuring twice the projected trading range. Currently, CHF is trying to find a bottom between the .382 and .5 retracement of the January – May upswing.

Monthly pivot at 0.97

The projected trading range for USD/CHF for next week is 0.96 – 0.975:

USDJPY came within a few pips of our upside target and reversed course.

Monthly pivot at 111.1

The projected trading range for USDJPY for next week is 110.2 – 112:

EURUSD tested our upside target several times, but couldn’t break above and instead broke below the bullish target angle, and finished the week in the middle of the projected trading range.

Monthly pivot for EURUSD at 1.16

The projected trading range for EURUSD for next week is 1.154 – 1.175:

GBPUSD exhibited a flash of strength mid-week but just like it did on two prior occasions, bullish momentum fizzled and the Pound finished the week exactly on target.

The monthly pivot line is at 1.29.

The projected trading range for GBPUSD for next week is 1.284 – 1.308:

USDCAD experienced a sharp drop followed by a sharp reversal, and remains above the bullish target angle.

Monthly pivot at 1.307

The projected trading range for USDCAD for next week is 1.288 – 1.31:

AUDUSD started the week by challenging the upside target, but failed and broke below the downside target at the end of the week. The long-term weekly trend remains sharply down, while the hourly trend is up, and in the midst of a counter-trend rally.

Monthly pivot line at 0.7184

The projected trading range for AUDUSD for next week is 0.716 – 0.73:

Charts, signals and data courtesy of OddsTrader, CIT for TradingView and NinjaTrader 8