Major Market Ranges for Week of Jan. 26: S&P, Gold Could Breakout

01/24/2020 12:00 pm EST

Focus: STRATEGIES

Trevor Smith

Commodity Trading Advisor, www.trevorsmithfnp.com

Next week’s predicted market ranges from Trevor Smith.

Trends and breakouts are likely this Friday until next Friday, because of pivot math.

Index futures and Gold futures have breakout pivot math as of Thursday night that could change Friday.

In this closing week, five of 10 projected weekly ranges printed Thursday night with the other ranges being close.

Next Week’s Predicted Ranges

E-mini S&P 500

High Range 3363-3345; Low Range 3296-3281

High range projections bear skewed by 6 points. Opinion from understudies, Bollinger Bands. Countertrade sees bullish market internals/new highs.

Japanese Yen

High Range 9191-9182; Low Range 9135-9120 

Bull-skewed range (+8 pts) based on moving average supports. Countertrade sees 20-week moving average 9120 throwback.

Euro FX

High Range 1.114-1.110; Low Range 1.106-1.103

Extended ranges. Countertrade expects reversal rally off extreme pivot supports.

Gold

High Range $1579-$1570; Low Range $1550-$1542

Expanded ranges. Countertrade expects sideways, continuation.

Crude Oil

High Range $5903-$5733; Low Range $5465-$5375
Slightly-expanded range from opinion based on wide ranges/wide pivots. Bullish opinion from 1,000-day moving average support/prior response. Countertrade seeks breakout range expansions.

Last Week’s Predicted-Versus-Actual Ranges

E-mini S&P 500

High Range 3368-3347; Low Range 3283-3268

Actual: 3337-3301

Bearish-skewed range (-5 pts) is from opinion based on market internals, negative divergence. Countertrade sees new highs.  

Japanese Yen

High Range 9151-9129; Low Range 9085-9055 

Actual: 9176-9093

Bull-skewed range (+20 pts) based on opinion from moving averages/their price-spread ratios. Countertrade sees lower lows.

Euro FX

High Range 1.121-1.119; Low Range 1.115-1.112

Actual: 1.118-1.107

Gold

High Range $1576-$1568; Low Range $1544-$1531

Actual: $1568-$1546

Expanded ranges. Fibonacci targets are median points of ranges. Countertrade expects sideways, narrow range.

Crude Oil

High Range $6050-$5933; Low Range $5799-$5675

Actual: $59.77-$54.77

Expanded ranges. Fibonacci targets in closest 1/3rd of ranges to Thursday night price. $57.59 is 20-week moving average. Countertrade seeks continuation down.

See More analysis from Trevor here

Note: Nothing herein shall be construed to be specific financial advice. While reflecting my best good-faith efforts to forecast markets, no guarantees of accuracy are made from my range statistics, aggregate statistics, frequentist interpretations, and pivot math from hand calculations. I am a registered newsletter CTA, and all required disclaimers apply. Trade at your own risk with money you could discard/not miss.

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