Next week’s major market ranges: Some trending markets to carry over

Some trending markets, such as gold, the euro and bitcoin may continue their behavior into next week. I’m bullish-sideways for next week on all symbols I track, except the yen, soybeans and bitcoin, due to understudies. The Yen, Beans, and Bitcoin chart bearish to me. The breakout candidates for this coming week are the Euro (monthly pivots are equal to last month, plus trending weekly pivots), gold (bullish), soybeans (bearish hammer) and bitcoin (bearish).

Other symbols show more sideways range and pivot math today (Friday), although the S&P 500 may go bearish-sideways after this rally to my target 2700-2720-2730 area gets tested. The S&P 500 has a daily chart hammer on the weekly 20-SMA support. The Euro gave a bull engulf candle around the daily 50-period simple moving average on Thursday, which would’ve been a fabulous overnight trade. Daily chart hammers abound within my symbol list this week — another bullish reason.

I was envisioning this week’s news headlines last Friday something like these: “Wild Market Swings Caused by X”; “Instability in X region or Y asset class,” and “Volatility Returns.” See one actual noteworthy headline here.

Regarding last week’s predictions/outcomes relative to Friday’s closing price, I wrote, that my only trade ideas were to go outright long positions in S&P 500 (+1.6%, then -1.7%), yen (+.87%, then -.69%), Aussie(+.67%, then – 1.61%), British pound (+0.71%, and -1.79%)  and bitcoin (-6% then +13%), and wait to short crude oil (-4.8%), the euro (+.48%, -1.13%, if one had waited, -1.61%) and soybeans(+4% with only a brief 10-point, untradeable short opportunity). Even if shorting the euro and crude oil early week lows, both trades would’ve profited well. I suggested a long S&P trade that is still working higher toward 2700-2720-2730 targets into next Friday’s expiration, but exit with any profits. Look for my upside trade concepts next week, except in the bearish beans, bitcoin and yen.

For a technical curiosity, the actual integers for projected highs for the Euro and Bitcoin are the same numerals, mostly, and will this confuse some computer programs with a false correlation and cause sideways action or massive blowouts (1.2396 ((midpoint of my Euro projected range)) and $12,396 XBT for example)?

Next Week’s (March 2-9) Predicted Ranges

S&P 500

High: 2740-2725/Low: 2633-2595 

Japanese Yen

High: 9565-9505/Low: 9350-9260

Eurodollar

High: 1.2450-1.237/Low: 1.224-1.216

Gold

High: $1,348-$1,333/Low: $1,312-$1,295

Crude Oil

High: $63.75-$62.65/Low: $60.53-$59.16

British Pound

High: 1.399-1.388/Low: 1.372-1.360

Aussie Dollar

High: .7887-.7842/Low: .7720-.7657

Soybeans

High: $10.95-

$10.82/Low: $10.46-$10.35

Bitcoin (XBT)

High: $12,396- $11,800/Low: $10,280-$9,500   
 

Past Week’s (Ending Mar. 2) Projected & Actual ranges

S&P 500

High: 2795-2775/Low:  2670-2650 Actual 2789-2652

Japanese Yen

High: 95450-94240/Low: 9258-9225 Actual 9510-9297

Euro

High:

1.2548-1.2420/Low: 1.2129-1.2168 Actual 1.237-1.216

Gold

High: $1,365-$1,345/Low: $1,316-$1,302 Actual $1,342-$1,303

Crude oil

High: $65.29-$64.65/Low: $62.02-$60.79 Actual $64.24-$60.18

British Pound    

High: 1.418-1.412/Low: 1.391-1.378 Actual 1.408-1.371

Aussie Dollar

High: .7980-.7920 Low: .7740-.7672 Actual .7893-.7713

Soybeans

High: $10.68-$10.49/Low: $10.14-$9.99 Actual $10.82-$10.43

Bitcoin (XTB)

High: $11,950- $10,695/Low: $8,875-$8,317 Actual $11,220-$9,290 

About the Author

Trevor Smith is a registered commodity trading advisor who holds four degrees across multiple disciplines. His study of financial markets led to his beliefs that investors can be self-directed and that market moves could be predicted using a variety of technical indicators and mathematics. His website is www.trevorsmithfnp.com. @TrevorSmithCTA