This past week two of the instruments we follow hit their targets while the majority kept the buy/sell signals generated last week.

The SPX traded within the 2700 -2740 focus area up until Friday, when it broke above 2740 resistance,and the next logical upside target is a challenge of the June high. Considering the overbought nature of several short-term market breadth indicators, it is unlikely that the SPX will break above the June 2785 – 2800 congestion zone on the first try:

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

The weekly chart shows two well-defined uptrend channels with targets consistent with our ’18 second half trading range projection, and the resistance zone defined by the March and May highs, which stands in the way of achieving the bullish targets. The CIT dates for the rest of July are the 17^th and the 26^th:

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Oil completed a sharp move up and is in a sideways/down phase. The projected trading range for next week for oil is 71 - 77:

Gold continues trying to find a bottom and registered a small gain for the week. Trend support at the 1 x 1 angle and CIT Cloud.

The trading range for next week for Gold is 1235 - 1280:

EURUSD remained on a buy signal all week long and the Friday close was just above our upside target. The Euro will remain in a strong position as long as it trades above the 1 x 1 angle and the CIT Cloud.

The projected trading range for next week for EURUSD is 1.16 – 1.18:

The Pound kept its buy signal and closed the week within a few pips of our upside target.

The projected trading range for next week for GBPUSD is 1.31 – 1.34:

USDCHF spent the week in the middle of its trading range still digesting the huge February – May run-up.

The projected trading range for next week for USDCHF is 0.985 – 1.00:

USDJPY fell a little short of our upside target and triggered a sell signal after falling below the CIT Cloud and the 1 x 1 angle.

The projected trading range for next week for USDJPY is 109.5– 111.5:

USDCAD remained on a sell signal and finished the week just a few pips above our downside target.

The projected trading range for next week for USDCAD is 1.30 – 1.325:

AUDUSD is building support just above 0.73, but will remain in a weak position until key resistance at 0.745 is broken to the upside.

The projected trading range for next week for USDAUD is 0.732 – 0.747:

Charts and data courtesy of Kinetick, CIT for TradingView and NinjaTrader 8