The coming week (May 29-June1) will trend a bit more and in more symbols than this closing week (May 25), according to pivot math. A few narrow-range breakout setups exist, and gold already started its wide-range upturn. Crude Oil has a pivots-based breakout setup on weekly pivots, a weekly chart bearish inverted hammer sell signal as of Thursday night, and 3-day chart narrow-range breakout math
The upcoming week should offer a little something for every type of market participant from the casual to the day trader and from the weekly options spread trader to the four-week time frame! My best ideas for narrow range breakouts on trending pivots for trend-chasing traders are the S&P 500 and, possibly, crude oil and bitcoin. Other symbols are creating exciting range trades.
It is the season for trend and breakout traders, according to my chart range statistics, aggregate statistics, and pivots. I do love sideways markets like I love Nashville biscuits with slow-pouring molasses & butter. Trying to pinpoint range reversals is a thrill. However, these breakout markets, at this moment wrecking my range-prediction precision, are teaching me honesty, flexibility, and caring service to others.
As markets digest new pricing in many symbols, my pivot and range math for next week indicate sideways range plays may go on for days. So, set your scalper’s chart grids and get ready for some Iron Condor possibilities! However, some trending may occur above/below my weekly-based options perspective or symbol list.
All of sudden, on Thursday at around 11:00 BST, digital currencies came back to life after spending several days in tight consolidative ranges. Among others, bitcoin and Ethereum, in particular, looked strong and both cryptos have now extended their gains. Bitcoin Cash, Litecoin, Ripple and Neo have all gained ground, too. There was no obvious trigger behind the rally, but the selling did look overdone and a bounce back was long overdue.
Instead of pickin’ a guitar or banjo, and I do play five instruments like everyone here in Nashville, I’m tryin’ to pick some market directions early using a 3-day chart, in case you want to follow along. I must predict next week’s markets earlier this week (on April 4) due to being out of town April 5 and 6. Let’s see how I do, modifying time frames with next week’s pivots not yet well formed nor fixed in place until Fri. close--I’m pivotless!
For beach party breakouts, soybeans, gold, and the British pound have higher narrow-range pivots inside each other for next week and month constituting a pivot breakout mix on multiple time frames- could a strangle/straddle apply? For a milder breakout story, crude has higher inside pivots for next week, and lower inside weekly pivots for next week are in the S&P 500 and inside lower monthly pivots in Bitcoin.
Howard Lindzon is an angel investor, market maven and a serial entrepreneur. We sit down with the founder of Stocktwits, who launched investment newsletter Peloton this past August, to discuss markets, bitcoin and the millennial generation.