Next week’s major market range predictions from Trevor Smith
You are cordially invited to attend/join next week’s Breakouts Bash to commence Sunday evening upon rare solar eclipse.
What: Markets Breakouts Bash (narrow range & pivot breaks, doji breaks, double-candle value breaks).
When: Sunday evening June 21, 2020, concurrent with “Ring of Fire” Annular Solar Eclipse for 9+ days. Traders and sideline onlookers can join early, mid-trend, or late, maybe riding into weekend carryover.
Where: Any charting platform/newsfeed/brokerage.
Bring: Chosen Trading Instruments; I use option spreads, binary options, (Wait for) Candlestick Signals
Last week’s “anticipatory guess” or forecast from Thursday for a Friday wave 2 technical-support bounce in the indices to precede a wave 3 drop accurately foretold this week’s markets but is not always so. 6/10 ranges printed as of Thursday.
Next Week’s Predicted Ranges (Thursday Night)
E-mini S&P 500
High Range 3226-3172; Low Range 3038-3009
Bull skewed range; reason: VIX weekly chart/internals. Slight bull skew in Thursday option chain.
Japanese Yen
High Range 9450-9397; Low Range 9320-9280
Low range extension due to 2-Day chart inverted hammer’s 9290 target. 3-day, weekly, monthly chart are bullish like the Euro below
Euro FX
High Range 1.134-1.130; Low Range 1.116-1.108
Neutral-bearish weekly range; 20-day,20-week support before Weekly-chart inverted hammer candlestick sell doublets & 3-Day chart’s out-of-value, modified doji break toward 1.113 targets below. Trade short call spreads lightly in monthly/weekly expiration if still in/trading around core long position in monthly charts & plan exit.
Gold
High Range $1779-$1755; Low Range $1711-$1694
Neutral-bearish range.
Crude Oil
High Range $42.50-$41.12; Low Range $36.48-$35.21
Quarterly chart targets can be $43 or $51 by late summer or fall with $26 support as a Fibonacci halfway point between prior $6 and $40. An unknown natural environmental or weather event could reduce supply & raise land or at-sea oil prices.
Last Week’s Predicted Ranges (Thursday Night)
E-mini S&P 500
High Range 3108-3078; Low Range 2989-2969 (outlier 2939 monthly pivot)
Thursday the ES hit the 50-week moving average support creating possibilities of a wave-2 countertrend Friday bounce to reset for wave 3. Put-side deltas are bear skewed farther from current price.
Actual: 3156-2923
Japanese Yen
High Range 9451-9411; Low Range 9265-9232
Neutral-bullish range. Monthly chart hammer candle series on the 20- and 50-month averages
Actual: 9396-9304
Euro FX
High Range 1.146-1.141; Low Range 1.125-1.119
Neutral-bearish weekly range; 50-week and 200-month moving average resistance.
Monthly bull kicker candlestick on the 20-month average. Consider four-month Long trade.
Actual: 1.137-1.120
Gold
High Range $1,784-$1,757; Low Range $1,711-$1,694
Neutral-bearish range. Friday to Monday trending break, maybe downside Monday due to bear candles on most intraday time frames.
Actual: $1749-$1706
Crude Oil
High Range $38.91-$37.74; Low Range $35.05-$33.30
Quarterly bullish candle so far; bearish divergence daily chart.
Actual: $39.17-$34.36
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.
