Major Market Ranges for Week of May 3: A Trade for Everyone

05/01/2020 4:29 pm EST

Focus: MARKETS

Trevor Smith

Commodity Trading Advisor, www.trevorsmithfnp.com

Here are next week’s predicted major market ranges from Trevor Smith.

Friday begins a trading week with something in store for everybody. Join S&P 500 or Japanese yen breakouts. Follow crude oil’s bullish weekly candlestick pattern with its dash of pivot breakout math.

If a trader really wants to sell in May then go away, sell a monthly call spread in gold futures or weekly call spread in S&P 500 futures. However, Thursday charts creating these calculations can change by Friday’s close and negate these ideas, and I cannot guarantee any of this will happen, even if charts remain as they are tonight.   

Last week’s statement was predicting that “Breakouts and Reversals Continue.” They did. Now, actual trades are more apparent. Five of 10 projected weekly ranges printed as of Thursday afternoon with other ranges extremely close.

Next Week’s Predicted Ranges

E-mini S&P 500
High Range 2995-2955; Low Range 2837-2817
Bear-adjusted high range. Both sides widened. Pivot-based strategy: join breakouts.

Japanese Yen
High Range 9420-9367; Low Range 9280-9268
Range is bearish. Both sides widened. Pivot-based strategy: join breakouts.

Euro FX
High Range 1.106-1.103; Low range 1.085-1.080
Bullish-adjusted ranges towards 1.137 target.

Gold
High Range $1743-$1716; Low Range $1664-$1651
Bearish ranges; Bearish trade opinion. Range Strategy: Sell weekly/monthly call spread.

Crude Oil
High Range $2400-$2203; Low Range $1480-$1283
Bullish range due to bullish inside harami candlestick in weekly chart; Call Spreads in weekly/monthly options are a range breakout strategy or short put spreads for bullish-sideways opinions.

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

E-mini S&P 500
High Range 2892-2870; Low Range 2722-2692
Actual: 2965-2755
Bear-adjusted range.

Japanese Yen
High Range 9385-9345; Low Range 9225-9205
Actual: 9409-9288
Range is neutral. Possible early-week highs before lows.

Euro FX
High Range 1.090-1.086; Low Range 1.075-1.072
Actual: 1.098-1.073
Bullish-adjusted ranges towards 1.137 target. Positive divergence.

Gold
High Range $1790-$1774; Low Range $1705-$1685
Actual: $1760-$1687
Bearish ranges; Daily chart has negative divergence.

Crude Oil
High Range $2200-$2039($2428 outlier); Low Range $1314-$1055
Actual: $1944-$1007
Bullish range due to positively-divergent understudies; Call Options volume on $20, $30/barrel

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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