This Week's Major Market Ranges

S&P 500 and Euro appears bullish, notes Trevor Smith, who provides a prediction for all the major market’s ranges for this week.

set-ups for the coming week are in the S&P 500 and euro FX futures. The S&P offers bullish candlesticks on a three-day chart long signal with unfulfilled 2905 targets (derived from halfway points), and concomitant Cboe Volatility Index (VIX) futures’ double inverted hammers on the weekly chart.

VIX futures sell-tail candles are on the resistance of their monthly pivot. Nasdaq Trader’s Index, Advancing-Declining Differential, and other market internal indicators/intraday signals are also immensely bullish for two to four weeks. The euro, a similar bull has reached this week's projected range-reversal low targets and is on track for a rally reversal, and, possibly a four-week breakout to either 1.135 or 1.112.

The yen appears bearish. Its weekly and three-day charts have bear candles that are out-of-bounds from narrowed Bollinger Bands with a fair-value target of .009080-76 in the next few weeks/days and meeting with overhead monthly-pivot resistance with trending weekly pivots.

The three curious charts for the coming week are in crude oil, gold and the S&Ps. These have sideways range & pivot math, but gold is the profit-potential surprise. It is hiding in vagueness with next week’s pivots overlapping/engulfing this week’s pivots, indicating a range breakout in the disguise of sideways math- on the surface. It could show weakness before rallying to $1,307.20 per ounce.

The S&P 500 futures also have sideways math for several reversals next week but are in a short-term bullish position. The May rally setup is in the context of a bearish candle yearly-chart setup, which has everyone looking for a swing top. So, if the S&P forcefully rejects the forthcoming high retests this week, then swing tops near a “sell-in-May” time point could occur.

Next Week’s Predicted Ranges

E-mini S&P 500
High Range 2918-2950; Low Range 2838-2820  

Japanese Yen
High Range 9157-9137; Low Range 9075-9062

Euro FX
High Range 1.129-1.126; Low Range 1.119-1.118
WARNING: May-June Breakout to 1.137 OR 1.110

Gold
High Range $1306.30-$1293; Low Range $1273-$1269

Crude Oil
High Range $6445-$6412: Low Range $6173-$6123

Last Week’s Predicted vs. Actual Ranges (Fri., May 17, 2019; Noon)

E-mini S&P 500
High Range 2912-2890; Low Range 2821-2808 Actual: 2894-2799

Japanese Yen
High Range 9200-9175; Low Range 9117-9085
Actual: .9198-.9108

Euro FX
High Range 1.134-1.132; Low Range 1.122-1.118
Actual: 1.129-1.118
WARNING: May-June Breakout to 1.137 OR 1.110      

Gold
High Range $1302-$1296; Low Range $1278-$1275
Actual: $1304-$1275

Crude Oil
High Range $6400-$6294: Low Range $6078-$6035
Actual: $6382-$6064