Nasdaq 100 fails to break intraweek lows. Can it pull the broad market higher, asks Trevor Smith.

The S&P 500 and Nasdaq 100 traded at enticing higher highs, while the Dow Jones Industrial Average, Dow Transports, Russell 2000 and the Financial Select Sector SPDR Fund (XLF) all made successive lower lows. The Cboe Volatility Index (VIX) futures look strong on multiple charts, so multi-week downslides may emerge, after Nasdaq lifts other indices..       
Last week’s article correctly predicted sideways-down directions in stock indices. Seven of 12 ranges printed as of Thursday afternoon with other ranges extremely close.

Next Week’s Predicted Ranges (Thursday Night)

E-mini S&P 500
High Range 3429-3404; Low Range 3340-3318
Expanded range; mid-month buyers and turn-of-the-month buyers may make sharp pops on down moves.

Japanese Yen
High Range 9495-9465; Low Range 9402-9374
Expanded bearish range due daily chart engulfing candlestick, trending pivots; light bear trade idea: short call spread Friday into next week.

Euro FX
High Range 1.192-1.189; Low Range 1.178-1.174
Neutral ranges: monthly chart bull candle breakout in progress- consider profitable scale-outs

Gold
High Range $1991-$1976; Low Range $1914-$1898
Neutral-bearish range based on Thursday volume-spiked sell candle.

Crude Oil

High Range $43.71 to 43.09; Low range $42.09 to 41.51 Bearish range based on unfulfilled candlesticks. No trade- Middle East news is bullish; low demand is bearish; narrow-range break forming monthly chart

BONUS PLAY

The Van Eck Rare Elements ETF (REMX) is not a pure uranium-technology play centered around nuclear-generated electricity and military use, but has holdings tied to such news. Other rare elements mined/recycled in this ETF’s components relate to aerospace propulsion, LED lights/sensors, nanotechnology, artificial intelligence, wind turbines, hybrid cars and flatscreen research. They have fascinating micro-rallies.

My technical opinion is bullish into early 2021, following option chain call volume. Bearish pullback trades into Sept-Oct should offer a last chance to join uranium, cerium, manganese, titanium, tungsten, lithium, cobalt, molybdenum, neodymium (permanent magnets), samarium (white noise & stealth technology), gadolinium, lutetium (LEDs), thorium bull traders on rare, tariff-exempt elements. Non-Chinese rare earth mines do exist in California, Alaska, Kazakhstan and Afghanistan, as well as other places. I’m not taking this trade but will watch it into early 2021


REMX (Van Eck Rare Earth Elements ETF)
High Range $42.71 to 42.15; Low range $41.33 to $40.88
Neutral-range; Bullish into 2021; Bearish-trades in Fall options chains/chart. Finite earth resource rapidly   depleted. Call options volume in out-of-the-money $60 strikes in Nov.- Feb.

Last 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).
Actual: 3395-3344

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
Actual: 9517-9345

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.
Actual: 1.197-1.178

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.
Actual: $2024-1928

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.
Actual: $4352-3958

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.
Actual: $4315-4130