The euro is set to run... someplace! Downhill? The Japanese yen and the British pound may run, as they have similar technical charts (range compressed, narrow pivots) to elicit my best guess: a fake bounce preceding a fast, deep runaway drop beyond next week. The pound may be leading them higher before the weekly 200-period simple moving average offers resistance/infections, may diverge and run uphill; and, of course, I can be wrongly bearish on these and down-trending gold/soybeans, too! These five, regardless of directions, are my current “join it” weekly symbols that may have few turns, according to hand calculations.
In stark contrast, other markets have sideways pivots, along with normal and narrow ranges. Next week’s sideways symbols support the use of my projected ranges below for reversal trade strategies near/at/beyond my proposed extrema in the S&P, crude oil, the Canadian dollar and bitcoin. My upcoming week’s highs/lows are found at the end of or under this article.
Regarding this week’s forecast, I noted that the British pound, the euro and crude looked bullish, and they behaved so. The projected range in crude offered a good reversal trade level into Wed. Also, my list of breakout symbols (Canadian dollar, crude oil, the pound and the S&P 500) produced pricing outside the prior week’s ranges. As a monthly chart follow-up, VIX futures are forming an inverted hammer, while Ten-year T-Notes formed a reversal long signal last month.
Trade ideas for this coming week starting April 16: Look for Iron Condor opportunities or reversal trades. The S&P 500, crude and the Canadian dollar could be a short call spreads today (Fri.), then exit/reverse to short put spread/Iron on next week’s lows). Bitcoin may be a long trade from any downthrusts to supports. Trend followers may, if inclined, join the euro, yen, gold, soybeans and pound -- especially if down!
Next week’s predicted ranges (April 13)
High: 2734- 2717
Projected & actual ranges for the week ending April 13 (as of Thursday night/Fri morning)
High: 2718- 2680
Low: .7725-.7670 Actual .7983-.7810
High: $9,260- $8,160