Markets I track are in bullish technical conditions, except Crude Oil and Gold that continue to come off high pricing, writes Trevor Smith of Trevor's Trading.
Technical support levels underneath current prices should instigate a riotous rally in many symbols, while Oil and Gold have nearly-identical bearish Daily charts. My prior Gold target of $1,880 is as-of-yet unfulfilled with no guarantees. Gold should bang off the 20-day moving average for a fast-lived rally before my lower targets are tested, including 1847 if sellers get carried away with themselves.
Disclosure: I traded my own numbers as the estimated lows of March 11 using a Nadex binary option at the ES 4199 strike, capturing most of the available profit. On Monday, March 14, I placed a daytrade in the same ES price range for a synergistic intraday/intraweek low zone reversal trade that won 20% of the option’s original entry price.
My last article, Bidirectional Markets & Trading (moneyshow.com), described markets’ directional tendencies and mentioned ”non-terrestrial event dates for potential bearish sentiment” that were fairly accurate. None of my anticipatory guesses about the conflict (change of technology and/or players, quiet phase/pause, leaders taking breaks from it) have occurred—yet, ceasefires almost constituted quiet points. I contemplate my non-profit foundation started in December before the tornadoes, my disaster relief/humanitarian care, and war preventability.
As of March 14, 2022, eight of ten projected ranges printed
Next Two Weeks’ Predicted Ranges (Written March 14, 2022)
E-mini S&P 500 (ES=F)
High Range 4301-4259; Low Range 4150-4101
Bullish range. Space weather and non-terrestrial event dates that include solar wind streams of particles that may coincide with bearish sentiment are March 15, 19-21, 29th.
Bitcoin (BTC)
High Range 43880-40460; Low Range 38500-36530
Neutral-Bullish ranges.
Euro FX (EUR/USD)
High Range 1.113-1.106 Low Range 1.096-1.089
Neutral-bullish ranges; 1.164 yearly pivot already printed.
Gold (GC=F)
High Range $2010-$1994; Low Range $1941-1912
Neutral-bearish ranges after a bounce off Daily 20-period moving average. It’s late at night as I write this, and I have some vague, strong sense of something about the Gold prices but can’t quantify it, so I will note its narrow range breakout setup and 1847 weekly low reversal pivot below my projected range.
Crude Oil (CL=F)
High Range $113.97-106.10; Low Range $94.80-91.55
Neutral-bearish ranges. Yearly pivot: $40.19; March Monthly Pivot= $94, but $46 Fibonacci 50% level is possible-eventually.
Prior Predicted Ranges (Written March 1 for March 1-14, 2022)
E-mini S&P 500
High Range 4472-4450; Low Range 4275-4251 Bullish range. Space weather and non-terrestrial event dates that include solar wind streams of particles that may coincide with bearish sentiment are March 2,4,5,6, & 15.
Actual: 4326-4138
Bitcoin
High Range 46800-44600; Low Range 40201-36977
Neutral-Bullish ranges;
Actual: 45,445-37,180
Euro FX
High Range 1.133-1.127; Low Range 1.112-1.110
Neutral-bullish ranges; 1.164 yearly pivot pulls from overhead.
Actual: 1.125-1.080
Gold
High Range $1943-$1931; Low Range $1890-1862
Neutral-bearish ranges. Breakout setup.
Actual: $2,078-1892
Crude Oil
High Range $109.97-109.40; Low Range $102.30-98.25
Neutral-bearish ranges. Yearly pivot: $40.19; $84 February Monthly Pivot. $54-$46 Fibonacci 50% level is possible-eventually.
Actual: $130.50-98.30
Trevor Smith is a technical market analyst/forecaster who is registered as a Commodity Trading Advisor. You can view Trevor’s Trading here.
