Predicted market ranges for next week from Trevor Smith.
Stock indices and the Japanese yen prepare for next week’s trending breakouts on Friday.
Gold bears create a short trade in the weekly chart’s inverted hammer candlestick pattern, and traders should walk carefully in case it is a shiny bear trap made of Gold in a new-high price pause. Traders can buy monthly expiration $1715/1710 put spreads in small lots, as a trade idea.
Crude oil’s pivots into the weekend suggest a narrow-range break signal candle may emerge Friday.
The headline, “Subtle Nasdaq Weakness into Weekend, Crude Craziness” preceded a downtick from Friday’s 8238 futures close into Monday’s 8073 low, while Crude Oil broke to new lows. 7/10 projected weekly ranges printed as of Thursday afternoon.
Next Week’s Predicted Ranges
E-mini S&P 500
High Range 2901-2865; Low Range 2687-2642
Bear-adjusted high range; pivot studies suggest wide-range week. Strategy: Join breakout(s).
Japanese Yen
High Range 9372-9337; Low Range 9230-9195
Range is bearish. Strategy: Join trending breakout(s).
Euro FX
High Range 1.103-1.097; Low Range 1.080-1.074
Bullish ranges towards 1.137 target. Strategy: Join breakouts.
Gold
High Range $1770-$1751; Low Range $1688-$1675
Bearish ranges; Weekly chart has negative divergence.
Crude Oil
High Range $2527-$2318; Low Range $1850-$1170
Bullish range due to positively-divergent understudies; large options trades continue in both directions $14-$17 and $26-$33 per barrel.
Last Week’s Predicted-Versus-Actual Ranges (Thursday afternoon):
E-mini S&P 500
High Range 2880-2839; Low Range 2670-2602
Actual: 2846-2701
Bear-adjusted high range from Nasdaq internals
Japanese Yen
High Range 9368-9300; Low Range 9165-9145
Actual: 9368-9188
Range is slightly bullish with wide-range expectations
Euro FX
High Range 1.111-1.103; Low Range 1.087-1.076
Actual: 1.100-1.083
Bullish range toward 1.137, 1.166 pivot targets with 1.10-1.102 monthly option volume
Gold
High Range $1791-$1767; Low Range $1678-$1655
Actual: $1788-$1676
Neutral ranges; Tues. inverted hammer sell candlestick still in effect w/ $1631 range outlier target
Crude Oil
High Range $2840-$2580; Low Range $2219-$2026
Actual: $2836-$1920
Mixed directional charts. I’m a bull. Thousands of Options on under <$20/barrel and betting over>$26, $30. Monthly Support floor pivot is a negative number.
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.
