World markets, metals, and currencies are set to resume strong trends/breakouts, reports Trevor Smith of Trevor's Trading.
Range math, pivot math, and technical indicators support trends and breakouts into 2020's close. I am in some short call spread (bearish) trades expiring this week for S&P futures and at month's end for the euro with 3565 and 1.195 targets, respectively. My opinion stands that pullbacks can set markets up for holiday rallies.
My article on November 30 stated in its tagline that "markets may go sideways/retrace before resuming strong rallies," before S&P futures touched and bounced up from my projected low range. I highlighted gold's 50-week moving average support and my expectation for "bullish bounces soon" but later noticed the weekend's full moon onset that some traders also follow in relation to metals and financial futures products. Six of 10 projected ranges printed as of Saturday, December 12, 2020, with other ranges being extremely close.
Next Two Week’s Predicted Ranges (Written Saturday Night, December 12, 2020)
E-mini S&P 500
High Range 3719-3685; Low Range 3622-3595
Bearish opinion due to market internals' divergence, trending math. Weekly chart bear candles in effect until January 2021. Disclosure: I am in a weeklys short call spread (bearish) option spread.
Japanese Yen
High Range 9668-9640; Low Range 9571-9545
Expanded ranges due to trending-momentum mathematic conditions for the coming two weeks. Prices may exceed my ranges in current context of trending math.
Euro FX
High Range 1.220-1.216; Low Range 1.203-1.195
Neutral-bearish ranges in strongly trending trading based on two-day chart. Disclosure: I am short a monthly expiration call spread at strikes below current levels based on two-day chart technical oscillators, Bollinger Band positions.
Gold
High Range $1877-$1859; Low Range $1828-1812
Expanded ranges in trending character. Bearish monthly chart candlesticks, but two-day charts may be in a wave-two-to-three bounce. New moon cycle on Monday may have no effect on gold, reverse it or coincide with bearishness.
Crude Oil
High Range $4863-4724; Low Range $4510-4364
Neutral-bearish directional range with trending character; overhead technical resistances persist.
Prior Predicted Ranges (Written November 28 for November 29-December 14, 2020)
E-mini S&P 500
High Range 3688-3664; Low Range 3595-3580
Bearish opinion due to market internals' divergence 3500, 3438; 3141 targets are for December/January, if at all. Weekly chart bear candles in effect until January 2021.
Actual: 3714-3592
Japanese Yen
High Range 9705-9670; Low Range 9522-9495
Expanded ranges due to trending-momentum mathematic conditions and breakouts for next coming two weeks, as Japanese yen futures did not yet experience its range breakout. Prices may exceed my ranges in current context of trending math.
Actual: 9647-9546
Euro FX
High Range 1.202-1.197; Low Range 1.183-1.178
Neutral-bearish ranges in sideways trading based on two-day chart.
Actual:1.219-1.192
Gold
High Range $1822-$1803; Low Range $1782-1768
Neutral ranges in sideways trading based on two-day charts. Bearish monthly chart candlesticks. 50-week moving average is at $1762. I expect bullish bounces soon.
Actual: $1,879-1,767
Crude Oil
High Range $4757-4650; Low Range $4350-4195
Neutral-bearish directional range in sideways pivot math with overhead technical resistance
Actual: $47.74-43.92
Trevor Smith is a technical market analyst/forecaster who is registered as a Commodity Trading Advisor. You can view Trevor’s Trading here.
