SPX Weekly Targets

SPX starting the week in the breakout zone:

Market breadth is overbought which usually leads to a sideways/down phase:

With the G20 scheduled for the end of the week, a sideways move seems more likely.

SPX and Market Breadth

Market breadth reaches overbought levels

just as the SPX challenges the all time highs:

Market breadth is setting up the stage for the next sideways/down phase, although latecomers to the party may extend the rally for a few more days.

SPX Pattern and Trend

SPX testing the resistance zone ahead of the FOMC meeting:

Market breadth is turning up from oversold levels:

SPX Targets and Market Breadth

Market breadth is getting oversold just before the FED meeting, setting the stage for the next sideways/up phase:

Weekly targets: 2825 - 2945

SPX Targets for the week of June 10th

Following last week's rally, market breadth turned from oversold to overbought, which usually precedes a sideways/down phase. When momentum is very strong, this can result in a continued grind higher:

The weekly outlook remains neutral as long as the index trades within well-defined support/resistance zones. It is, however, nowhere near overbought levels yet:

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