Major Market Ranges for Week of May 24: S&P Rally Slows, Yen Trends

05/22/2020 9:50 am EST


Trevor Smith

Commodity Trading Advisor,

Next week’s market range predictions show stock indices will operate on fewer energy cells, explains Trevor Smith.

Stock indices will operate on fewer energy cells next week in sideways-bearish mathematics. My opinion for the summer months is that wild volatility ranges persist. It is based on drought and hurricane forecasts, earthquake risks, varying sea level rise and weather intensity.

My longer opinion is bullishly-volatile to 2025 in regards to the Solar Minimum, which news venues claim is currently causing market fear; limited research below shows decreased sun activity is bullish.

Last week’s headline, “Dow, S&P on Technical Support” foreshadowed a tradeable rally, and all directional biases for the ranges were correct; crude oil ignored my lower targets, however. Six 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 3018-2988; Low Range 2915-2882
Neutral range, bear opinion. 20-week, 50-week averages crossover indicating three to five weeks of random tests of support.

Japanese Yen
High Range 9345-9325; Low Range 9278-9258
Bullish range, Friday-early-week breakout expectation. Strategy: join breakouts. News events for this currency are Friday and next Thursday.

Euro FX
High Range 1.107-1.103; Low Range 1.092-1.090
Bear-adjusted soft highs range.

High Range $1,760-$1,741; Low Range $1,705-$1,691
Bearish opinion, but neutral ranges due to range box or weekly-chart pennant/flag

Crude Oil
High Range $37.27-23549; Low Range $31.61-$29.72
Bear-adjusted highs. Opinion from 20-week average resistance.

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

E-mini S&P 500
High Range 2888-2868; Low Range 2784-2755
Actual: 2976-2809
Bull-adjusted high range on the week, guardedly so, expecting down moves too.

Japanese Yen
High Range 9425-9375; Low Range 9305-9285
Actual: 9361-9254
Range is bearish. Weekly chart bear signals. Strategy: join breakouts.

Euro FX
High Range 1.090-1.085; Low Range 1.076-1.072
Actual: 1.101-1.080
Bullish-adjusted ranges; low of bullish long signal candle for this week still holding Thur.

High Range 1779-$1759 Low Range $1720-$1698
Actual: $1775-$1715
Bullish ranges; high retest resistances; reverse position if signs occur.

Crude Oil
High Range $29.86-$28.50; Low Range $25.50-$23.50
Actual: $34.66-$27.53
Bull-adjusted ranges. Sell signal in effect to $21.50, coming week is sideways.

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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