Next week’s predicted market ranges from Trevor Smith.
Market action now compresses a week’s or month’s pricing in mere hours, as evidenced by last night’s trade signals in gold and the euro whose targets printed before noon Thursday, not to mention the 10% move in stock indexes.
Bear trades may be favored into next week for Japanese yen futures. Bullish trades may be favored in crude oil into next week.
Bullish trades may also be favored in S&P 500 futures based on the completion of a seven-wave down move into projected yearly low zones based on serious moving-average support. However, there is no clear reversal rally signal on my charts.
In this past week, seven of 10 projected weekly ranges printed between Thursday night of last week and yesterday.
Next Week’s Predicted Ranges
E-mini S&P 500
High Range 2860-2720; Low Range 2570-2465
Possible high range extension from market internals strong since Feb. 28
Japanese Yen
High Range 9600-9470; Low Range 9400-9325
Range lows expanded; not sure how far down it may go.
Euro FX
High Range 1.129-1.119; Low Range 1.110-1.102
Range is bearish skewed.
Gold
High Range $1,638-$1,614; Low Range $1,580-$1,550
Range is bearish through March.
Crude Oil
High Range $37.37-$35.00; Low Range $30.56-$28.00
Range has bullish skew off lows.
Last Week’s Predicted-Versus-Actual Ranges (as of Thursday afternoon):
E-mini S&P 500
High Range 3173-3150; Low Range 2950-2927 (3400, 2898 outliers >1 Standard Deviation)
Actual: 3037-2492
Possible high range extension.
Japanese Yen
High Range 9532-9473; Low Range 9264-9210
Actual: 9887-9407
Range lows have slightly-bullish skew. Opinion from monthly chart breakout.
Euro FX
High Range 1.134-1.127; Low Range 1.113-1.107
Actual: 1.150-1.105
Range has slightly-bullish skew.
Gold
High Range $1701-$1692; Low Range $1626-$1611
Actual: $1704-$1560
Range is neutral. Opinion is bullish into higher time frame sell signal resistance levels.
Crude Oil
High Range $5129-$4902; Low Range $4489-$4287
Actual: $4638-$2734
Range has bullish skew off lows.
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.
