The coming week (June 18-22) should continue the trend of trending symbols. The only potential exceptions are gold and soybeans whose weekly pivots are sideways for reversal scalpers and who already made a wide-range move likely to consolidate sideways. However, both gold and beans have trending monthly pivots--a wild card working against my Iron Condor favorite trade.
The coming week will have some serious breakouts, blowouts, and wide ranges in prices, as well as continued “freight train-steamroller” trending behaviors. Gold is in a more extreme narrow range with strongly-trending monthly and inside weekly pivots more breakout-ish than last week as of Thursday. evening.
While President Trump has at times appeared friendly with certain other heads of state in the past, the relationships have at least appeared to have become more hostile since tariffs were imposed on the European Union, Canada and Mexico by the United States last week. The G7 meeting has become more like a G6+1, with Trump choosing to isolate the US on a number of issues from trade to Iran and climate change.
The markets have extended their winning streak for the fourth session, with Europe also trading higher. The Dow has crossed over the 25,000 mark again with the S&P 500 trading above 2760 at the time of writing.
Al Brooks provides bar-by-bar analysis on a five-minute chart of the previous day’s prices action in the E-mini S&P 500. This is his analysis forAl Brooks provides bar-by-bar analysis on a five-minute chart of the previous day’s prices action in the E-mini S&P 500. This is his analysis for Tuesday, June 5, 2018.
The coming week (June 4-8) will continue trending behaviors with gold in a narrow range with strongly-trending monthly and weekly pivots. In lesser-trending order toward the least trending are the yen, S&P 500, crude oil and bitcoin. Soybeans has trending June pivots but sideways weekly pivots and a wide range intraweek to offset/weaken the moderate June trendiness, although I can’t rule out a pivot-based breakout from almost-inside weekly pivots.