The predicted major market ranges from Trevor Smith
Investors are creating market action on higher time frames than this article uses. Crude oil may continue higher or breakout after a price beatdown attempt into the three-day chart’s tail on the red hammer candle.
In this closing week, 9 of 10 projected weekly ranges printed by Thursday night. Our headline/tagline warning readers of “Reversing Indices, Gold” prepared traders for the reversals.
Next Week’s Predicted Ranges
E-mini S&P 500
High Range 3173-3150; Low Range 2950-2927 (3400, 2898 outliers >1 Standard Deviation)
Possible high range extension.
Japanese Yen
High Range 9532-9473; Low Range 9264-9210
Range lows have slightly-bullish skew. Opinion from monthly chart breakout.
Euro FX
High Range 1.134-1.127; Low Range 1.113-1.107
Range has slightly-bullish skew.
Gold
High Range $1701-$1692; Low Range $1626-$1611
Range is neutral. Opinion is bullish into higher time frame sell signal resistance levels.
Crude Oil
High Range $51.29-$49.02; Low Range $44.89-$4.287
Range has bullish skew off lows.
Last Week’s Predicted-Versus-Actual Ranges (as of Thursday night):
E-mini S&P 500
High Range 3069-3045; Low Range 2908-2875
Actual: 3137-2889
Projected range has bullish skew.
Japanese Yen
High Range 9259-9216; Low Range 9140-9065
Actual: 9441-9124
Range lows have bullish skew. Opinion from monthly chart breakout/closure over moving averages.
Euro FX
High Range 1.110-1.106; Low Range 1.095-1.090
Actual: 1.096-1.125
Range high side skew is slightly bullish. Opinion from weekly chart.
Gold
High Range $1676-$1667; Low Range $1617-$1605
Actual: $1675-$1576
Range is neutral. Opinion is bearish to $1595 target.
Crude Oil
High Range $5009-$4859; Low Range $4420-$4269
Actual: $4866-$4332
Range has slight bullish skew in highs.
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.
Note: Range calculations this week were made Wednesday evening. 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.
