Long Treasury bonds and notes has been the most reliable trade in 2019, points out Landon Whaley....
Major Market Ranges for the Week of June 16
06/15/2019 3:20 am EST
Next week’s best set-ups appear to be in crude oil (bullish) and gold (bearish), reports Trevor Smith
Crude oil futures offer bullish technical on the three-day, daily and weekly charts for the coming week and through the end of the month. Hammer candlesticks, momentum studies, and out-of-value price placements support the bullish positioning. Traders could place long vertical spreads using both weekly and monthly options expirations, if their own technical analysis affirms the decision. It’s a lightweight trade, due to quarterly-chart bearish pattern formations that have not yet finalized in June’s ending charts.
In the opposite direction, gold has bearish potential on the three-day and daily charts, but no certain trade signal exists, so traders should monitor gold for bear-candle signals.
Last week, we identified the yen as a wide-range trade opportunity. It made lower lows as predicted, but the gap up surprise went straight to my 9300 number that I gave after two weeks of its failing in my articles. Just when I softened the range to 9299, the 93005 printed! For the coming week, the yen has bearish directional, trending math as does the euro in the context of a bullish gap up.
The following small, range-based, weekly-expiration (next week’s) trades are based on the exact median value of the coming week’s projected ranges as a price target. Price targets default to 62%-75% of distance to next week’s median pivot when current Friday price is too close to median range price. T
Next Week’s Predicted Ranges (Potential Trades)
E-mini S&P 500
High Range 2929-2916; Low Range 2869-2850
Short call spread 2895/2890
High Range 9330-9301—9263-9243; Low Range 9263-9243
Long put spread .009300/.009275
High Range 1.137-1.132; Low Range: 1.126-1.125
Long call spread 1.127/1.130
High Range $1370-$1357; Low Range $1340-$1335
Short call spread $1350/$1345
High Range $5530-$5404; Low Range $5173-$5090
Long call spread $53/5350
Last Week’s Predicted-Versus-Actual Ranges (Friday, June 14); 7/10 touched ranges
E-mini S&P 500
High Range 2941-2911; Low Range 2844-2822
High Range 9299-9260; Low Range 9200-9158
High Range 1.140-1.137; Low Range 1.130-1.126
High Range$1362-$1346; Low Range $1330-$1323
High Range $5660-$5540; Low Range $5273-$5140
Note: 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.
Related Articles on MARKETS
Strange activity in bonds after confusing reports from the Fed has markets spooked, notes Joe Duarte...
There’s a very infrequent situation taking place in the Treasury complex, reports Andy Waldock...
Jim Kelleher, an analyst for Argus Research, selected Arista Networks (ANET) as his top speculative ...