World markets to go sideways-down next week, reports Trevor Smith.
A pullback in stock indices may create a low early next week. The S&P 500 was the only index to make strong new highs, and markets tend to create lows for mid-month calendar buyers; trading character should still be rangebound, as prices experimentally deflect off of supports/resistances.
Last week’s article correctly predicted market breakouts. My Japanese yen “Bearish range due to wave-3 drop potential” idea preceded its collapse from .009470 to .009345.
Next Week’s Predicted Ranges (Thursday Night)
E-mini S&P 500
High Range 3420-3402; Low Range 3323-3303 (outlier 3172)
Bear skew in range extrema. Internals predict bullish Friday; thus, I Mon-Wed lows offer timing for Iron Condor option spreads (anticipatory opinion).
Japanese Yen
High Range 9450-9409; Low Range 9336-9317
Expanded ranges due moving- average support, Friday trending pivots; light long trade if not too late when article posts; .9425 overhead target; three-day chart doji-break lower target at .9316
Euro FX
High Range 1.195-1.190; Low Range 1.174-1.170
Bearish weekly ranges; four-hour chart bear candle; consider short call spread due to volatility; Monthly chart bull candle encompasses 20-,50-, & 80-month averages.
Gold
High Range $2019-$2004; Low Range $1905-$1882 (outlier $2100)
Neutral-bullish range based on pivot support, seasonal & cultural buyers; $2000 as Fibonacci halfway point target overhead; consider short put spread here & again on lows.
Crude Oil
High Range $4375-4268; Low Range $4098-4011
Bearish range based on unfulfilled candlesticks, resistances. Consider buying put spread due to low volatility Q3-4 bullish targets at $51 for Fall.
REMX (Van Eck Rare Earth Elements ETF)
High Range High Range $43.18-42.72; Low Range $41.78-40.98
Neutral-range; Call options volume in out-of-the-money $50 strikes now in Nov., Feb.
Last Week’s Predicted Ranges (Thursday Night)
E-mini S&P 500
High Range 3359-3339; Low Range 3270-3256 (outlier 3122)
Expecting wide-range move from pivots breakout. Slight bear skew in range extrema.
Actual: 3382-3322
Japanese Yen
High Range 9550-9509; Low Range 9431-9400
Bearish range due to wave-3 drop potential, trending pivots.
Actual: 9483-9345
Euro FX
High Range 1.196-1.193; Low Range 1.178-1.175
Bearish weekly ranges: Monthly chart bull candle encompasses 20-,50-, and 80-month averages.
Actual: 1.189-1.171
Gold
High Range $2,123-$2,099; Low Range $,2029-$2,013
Neutral-bearish range based on parabolic move out of value & over Bollinger bands. Seasonal & dip buyers present may raise weekly lows.
Actual: $2089-$1874
Crude Oil
High Range $44.10-43.23; Low Range $40.83-40.38
Neutral-bearish extension range based on candlesticks, resistances. Q3-4 bullish targets at $51 for Fall.
Actual: $4294-$4106
REMX (Van Eck Rare Earth Elements ETF)
High Range High Range $45.54-45.05; Low Range $41.80-40.72
Bearish-range due to daily chart. Bull into 2021.
Actual: $43.99-42.05
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.
