Major Market Ranges For Week of March 29: Breakouts!

03/27/2020 12:54 pm EST

Focus: TECHNICAL

Trevor Smith

Commodity Trading Advisor, www.trevorsmithfnp.com

Next week’s predicted market ranges from Trevor Smith.

Markets have breakout math for next week by both pivot and range calculations.

The euro has the most incredible, exhilarating moving average harmonic cluster I have ever seen at 1.137 on multiple timeframes, although I can’t guarantee this price to print next week or ever. Price would stay there awhile if it did print.

Other important moving average levels include S&P 500 futures at 2900, gold at $1,590 and crude oil at $32.

“Markets Rebound”, which was last week’s tagline predicted some powerful moves in the stock indexes, the euro, Japanese yen and gold. The bullish short put spread trade idea in crude oil would have been profitable had traders taken my guidance to wait for a Monday pullback entry. Nine of 10 projected weekly ranges printed.

Next Week’s Predicted Ranges

E-mini S&P 500
High Range 2900-2800; Low range 2495-2400
Bullish-adjusted range from market internals strong since Feb. 28 at 3000 level.

Japanese Yen
High Range 9412-9300; Low Range 9100-9019 
Range is bullish in bearish monthly chart context.

Euro FX
High Range 1.137-1.121; Low Range 1.0698-1.087
Range has slight bullish skew.

Gold
High Range $1707-$1671; Low Range $1610-$1585
Neutral range; bearish volume spread analysis indications in narrow pricing

Crude Oil
High Range $2978-$2650; Low Range $2203-$1805
Range has bullish high extension based on options volume. Friday bullishness can create a short put spread trade.

Last Week’s Predicted-Versus-Actual Ranges (as of Thursday afternoon):

E-mini S&P 500
High Range 2660-2550; Low Range 2335-2265
Actual: 2635-2174
Bullish-adjusted range from market internals strong since Feb. 28.

Japanese Yen
High Range 9350-9250; Low Range 9053-8953 
Actual:9253-8997
Range is neutral-bullish; Bearish Monthly chart.

Euro FX
High Range 1.106-1.096; Low Range 1.065-1.057
Actual:1.109-1.067
Range has slight bullish skew.

Gold
High Range $1567-$1542; Low Range $1457-$1440
Actual: $1699-$1457
Week’s range is bullish being on 50-week moving average support; it’s bearish next quarter from monthly chart. Trade Idea: lightly sell put spread weekly $1495/1500 strikes for volatility collapse.

Crude Oil
High Range $3470-$3170; Low Range $2322-$2022
Actual: $2849-$2080
Range has bullish skew off lows. Trade Idea: Sell weekly put spread if stops run lower occurs Fri-Mon and time decay remains.

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.

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