E SPX, Gold, Oil And G6 Targets For The Week Of December 3

The SPX broke above the 2647 weekly buy pivot on Monday, and proceeded to advance 100+ points. As a result, there’s a higher low in place and the trend from bearish has turned to neutral. It will remain so until the SPX climbs above the November 7 high (bullish) or breaks below the November 23 low (bearish). Trump and Xi kicked the can down the road, which should be bullish for the markets despite market breadth nearing overbought levels already.

It is also interesting to note that as of Friday, November 30, a third of the S&P 500 stocks are trading above their  September 21 high, while only 20% are trading below their October 29 low.

Current signals: Daily Buy, Weekly Buy, Monthly Sell

Weekly Sell pivot at 2740

The projected trading range for next week for SPX is 2700-2800:

Oil continues trading within the confines of the two month long bearish channel and came to within 40 cents of our downside weekly target. Although there’s support building around the $50 level, only a break outside of the down sloping channel will signal that a bottom is in place.

Current signals: Daily Sell, Weekly Sell.

Weekly Buy pivot at 52.5

The projected trading range for Oil for next week is 49.25 – 52.5:

Gold continues trading in a flat narrow range, unable to reach any of our targets.

Current signals: Daily Buy, Weekly Sell

Weekly Sell pivot at 1220.

The projected trading range for Gold for next week is 1200 – 1240:

All G6 pairs had a kneejerk reaction to the dovish Powell statement. However, the initial surge against the USD faded shortly thereafter.

USDCHF traded within last week’s range and closed on Friday a little short of the upper weekly target.

Current signals: Daily Buy, Weekly Buy

Weekly Buy/ Sell pivot at 1.00

The projected trading range for USDCHF for next week is 0.986 – 1.005:

USD/JPY came to within a few pips of our upside weekly target but sold off after the Powell speech.

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Apisit Jj Saowiang 1 week ago Member's comment

So​ good

Steve Barker 1 week ago Member's comment

Yes!

George Krum 1 week ago Author's comment

Indeed