Next week’s predicted major market ranges from Trevor Smith.

Markets are likely to have calmer action next week while accepting post-breakout valuations.

The euro is next week’s exception, as its narrow range math on several adjacent time frames affecting many groups of traders. Sellers will see the perfect-angle declinations in price bars on charts and want to join trends, while bulls seek reversals off extreme pivot lows. With high volatility rankings, selling put spreads may be preferred, if anticipating a viciously-violent low reversal later or moderately bullish trade signal this week.

S&P 500 futures show subtle Wednesday night trending breakout signs, despite neutral ranges in zero volatility; both factors oppose breakouts. S&P 500 bear surprises could develop by next Friday.
In this closing week, four of 10 projected weekly ranges printed by Wednesday night with other ranges being close. Our headline/tagline about “Yen, Gold, and Crude Breakouts” correctly described this week’s price action well in advance. Gold exceeded the $1,610 per ounce option strike noted in last week’s article.

Next Week’s Predicted Ranges

E-mini S&P 500
High Range 3421-3400; Low Range 3342-3323
Projected range has bear skew on both sides. 3427-3347 is a balanced, one-standard deviation, neutrality range from Wednesday’s overnight price.

Japanese Yen
High Range 9155-9068; Low Range 8965-8920
Range high side skew is mildly bullish. Low range is normal/neutral. Option volume at 8750, under my range.

Euro FX
High Range 1.095-1.088; Low Range 1.080-1.075
Range high side skew is very bullish. Opinion from continued positively divergent triple clusters; Invesco CurrencyShares Euro Trust (FXE) has option volume even farther above.

Gold
High Range $1638-$1625; Low Range $1599-$1587
Range has slight bullish skew. Opinion based on option chain volume at $1635, over my $1625 target.

Crude Oil
High Range$56.19-$55.19; Low Range $52.60-$52.06

Range has slight bullish skew and lower high extrema. Current low-strike option volume is in $53s, $1 over my lows. Traders may adjust my low range up, if trusting option chain more.;

Last Week’s Predicted-Versus-Actual Ranges

E-mini S&P 500
High Range 3425-3401; Low Range 3349-3331
Actual: 3397-3355

Projected range has slightly-negative bear skew (-10 pts). 3320 even lower has option volume.

Japanese Yen
High Range 9168-9149; Low Range 9102-9086 
Actual: 9132-8973

Range breakout expansion w/ continued bull skew (+12pts).

Euro FX
High Range 1.096-1.091; Low Range 1.082-1.076
Actual: 1088-1079

Range with slight bull skew. Opinion from understudy continued positive divergence.

Gold
High Range $1606-$1592; Low Range $1570-$1564
Actual: $1615-$1576
Expanded ranges due to bullish, then bearish opinion from Daily-Monthly charts. Option volume at 1610, 1560 affirming bidirectional opinions.

Crude Oil
High Range $5435-$5280; Low Range $5046-$4930
Actual: $5409-$5132

Range expanded w/ slight bullish skew. Opinion from technicals suggesting breakout. Option activity is large outside entire range.

Trevor Smith is a technical market analyst/forecaster who is registered as a Commodity Trading Advisor. Trevor holds four academic degrees across several disciplines and has published works in: Nashville Lifestyles Magazine, The Colorado Daily, The Tennessean/USA Today, Vitamin Retailer, and other media. You can view “Trevor’s Trading” here.

Note: Range calculations this week were made Wednesday evening. 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.