Bearish conditions exist in currencies/metals on higher time frames, reports Trevor Smith of Trevor's Trading.
Market internals for world indices continue to be directionally mixed for the next two weeks.
Monthly/quarterly charts on the currencies are almost as bearish as the gold yearly/quarterly charts. It feels counterintuitive to write that the euro and gold could go down! The Bollinger Band candle positions for these symbols give price space to drop. Traders should monitor these symbols/time frames for trades.
Similarly, General Motors (GM) offers identical chart setups; I can hardly imagine bearish GM pricing after its recent release of EV, AV, and Vertical Takeoff-Landing Vehicle (VTOL) plans. GM plans did not mention pilot licensure! I wonder if they will solve the VTOL electric battery weight problem by moving the vehicle energy source regeneration from the vehicle itself into the external parts of downtown buildings to energize vehicles contact-free as they fly past energy-designated buildings, thus allowing more passengers/weight and reducing rooftop stress by removing the big battery.
My last article included a tagline on "bearish conditions" in "indices, metals, and crude oil", and gold was the major pullback symbol. As a follow-up geopolitical note, China and India are de-escalating, according to major news, while nations with interests in the South China Sea use strong words. Russia and the US are renewing the expiring nuclear arms treaty. Ukraine starts its political season in February likely to address peace plans amidst tugs from Russia and the European Union- both contiguous. Commodities involved include natural gas, petroleum, metals, and rare earth elements. Grains remain on monthly-chart highs. Seven of 10 projected ranges printed as of Saturday, February 13, 2021, with missed ranges being very close.
Next Two Week’s Predicted Ranges (Written Saturday Night, February 13, 2021)
E-mini S&P 500
High Range 3970-3947; Low Range 3832-3810
Bullish then bearish indications. Quarterly Pivot (Q1): 3575, Yearly Pivot: 3225
Japanese Yen
High Range 9614-9570; Low Range 9475-9422
Moderately bearish ranges from technicals in trending mathematic conditions likely to exceed my ranges. Yearly pivot .009498 has been hit and two-day chart candles show attempts at support
Euro FX
High Range 1.222-1.217; Low Range 1.204-1.194
Neutral ranges with bullish bounce off 500-week, 20-week moving averages; trending breakout math. Yearly pivot: 1.174
Gold
High Range $1867-$1837; Low Range $1812-1788
Slightly bearish ranges in trending, pivots-breakout character; 50-week moving average support in play. Quarterly pivot: $1876 already printed. Yearly pivot: $1813 already printed.
Crude Oil
High Range $6121-6014; Low Range $5751-5604
Neutral range with sideways pivot math; Iron condor trade lost after being a slight win early in the trade. Yearly pivot: $40.19
Prior Predicted Ranges (Written Saturday, January 30 for February 1-14, 2021)
E-mini S&P 500
High Range 3750-3732; Low Range 3663-3645
Bullish and bearish indications. Quarterly Pivot (Q1): 3575, Yearly Pivot: 3225
Actual: 3966-3656
Japanese Yen
High Range 9634-9588; Low Range 9525-9498
Moderately bearish ranges from trending mathematic conditions. Prices may exceed my ranges in current trending math. Yearly pivot .009498
Actual: 9579-9457
Euro FX
High Range 1.224-1.220; Low Range 1.205-1.201
Neutral-bearish ranges with bullish bounce off 50-day moving average likely; continued trending breakout math. Yearly pivot: 1.174
Actual: 1.215-1.196
Gold
High Range $1870-$1858; Low Range $1823-1808
Slightly bearish ranges in trending, narrow-range breakout character, bearish candlesticks. Quarterly pivot: $1876 already printed. Yearly pivot: $1813 already printed.
Actual: $1876-1784
Crude Oil
High Range $5375-5295; Low Range $5101-4960
Bearish, range with sideways character; in short Iron Condor trade with $51 a midpoint target. Yearly pivot: $40.19
Actual: $5982-5164
Trevor Smith is a technical market analyst/forecaster who is registered as a Commodity Trading Advisor. You can view Trevor’s Trading here.
