With July come sideways range math and pivot math for Bitcoin futures and Indices, while other markets such as Crude Oil shows strongly-trending status, writes Trevor Smith of Trevor's Trading.
July shapes up to be more sideways market conditions for Indices and Bitcoin, and Bitcoin appears to be near swing lows. Overhead targets of 23065 are a confluence of July’s monthly pivot and Bitcoin’s two-day moving average. Similarly, S&P futures seem to be starting a wave pattern upside toward 3870, the same pivot-moving average confluence on a Daily chart. Traders can play it towards these targets or wait and play deflections off of them!
My last article entitled June Brings Trends (moneyshow.com) predicted a market “trending breakout mode for June” then seen as new S&P lows. Directionally, I stated that “bearish traders will watch closely and/or enter”, and they actually did. As of May 31, 2022, seven of ten projected ranges were printed.
July’s Predicted Ranges (Written July fourth, 2022)
E-mini S&P 500
High Range 3982-3946 Low Range 3806-3788
Bullish range. Space weather/non-terrestrial event dates that may coincide with bearish sentiment on July 26 and 29.
Bitcoin (BTC)
High Range 22957-22214; Low Range 19350-17200
Bullish ranges; 23065 is July’s monthly pivot price pulling from above.
Euro FX (EUR/USD)
High Range1.162-1.055; Low Range 1.044-1.035
Neutral-bullish; 1.058 as July monthly pivot.
Gold (GC=F)
High Range $1857-$1831; Low Range $1800-1786
Bullish range. Hammer candlestick low for reversal rally. Monthly- 20-Moving Average support.
Crude Oil
High Range $116.00-112.04; Low Range $105.05-98.46
Wide ranges. Strongly-trending, multi-timeframe, narrow-range break setup. $93.68, 86.44 pullback targets possible from an auto program I have or rally toward $119.46 failed new high. $46 level is possible-eventually, based on an unfulfilled dream state premonition before the $56 pullback traded.
Prior Predicted Ranges (Written June fifth, 2022)
E-mini S&P 500
High Range 4338-4304 Low Range 4041-3995
Bullish range in rally continuation possible until it stops. Space weather/non-terrestrial event dates that may coincide with bearish sentiment at June 12 and 25.
Actual: 4189.75-3639
Bitcoin
High Range 33995-32775; Low Range 29734-27567
Neutral-bullish ranges; 32421 is June’s monthly pivot price pulling from above.
Actual: 32020-18525
Euro FX
High Range 1.192-1.084; Low Range 1.062-1.051
Neutral; 1.071 as May monthly pivot.
Actual: 1.078-1.042
Gold
High Range $1881-$1865; Low Range $1830-1818
Neutral range. Bearish candlesticks prevail-eventually. Monthly- 20-Moving Average support.
Actual: $1910.70-1783
Crude Oil
High Range $124.00-121.48; Low Range $117.50-115.18
Actual: $123.68-98.20
Neutral ranges. Yearly pivot: $40.19; $46 level is possible-eventually.
Trevor Smith is a technical market analyst/forecaster who is registered as a Commodity Trading Advisor. You can view Trevor’s Trading here.
