The S&P 500, gold, bitcoin and soybeans (mixed state) do chart bullish to me for next week. In contrast, the yen, euro, pound (multi-timeframes), Aussie (multi-timeframes), and crude show some bearish technical conditions for next week-quarter from monthly charts already noted. The short call spread weekly trade ideas in these is derived from bearish candlesticks in multiple time frames, volume and Fisher indicators, and range extension this week. clear. The Aussie, euro, soybeans and British pound show trending pivots for next week, and the yen (two-time frames), gold (two-time frames), Aussie, bitcoin and soybeans have range compression that also can produce wider weekly ranges than average.
My mid-week Iron Condor trade idea to go long the S&P to the 2750 zone yielded a volatility collapse, 2744, but brief time decay scalping, before unexpected news spawned a selloff. Please view the bullish buying Thu. from 12-12:30 p.m. Central on a five-min. $TICK chart that even had a bull engulf candle at 12:20 pm. What market participants were buying a crashing market at lunch? Tonight, off the monthly Camarilla Pivot low, I am strongly bullish to my projected fair value range >2720 on the S&P. The Fibonacci halfway points between the March 12 high and March 23 low square up at my 2720 level and Tue. time pivot. Long the daily hammer today!
My longer-horizon bear trade perspectives continue for the Euro, Pound, Aussie, soybeans and maybe crude, with the Crude/Aussie not yet as weak.
Regarding last week’s predictions, the trending pivot math identified last Friday in crude and soybeans did forecast the wide-range and unidirectional (few turns) character of this week. The Pound’s, Crude’s, and Gold’s specific range compressions mentioned last week did support wide ranges this week. The Aussie (in the same listed group) did not produce a wide range nor an “immediate” bounce. I noted two potential trade setups last Friday (fading yen high, S&P 500 dip buys) that worked into midweek but would’ve become losing trades if not exited on Wednesday.
For current technical curiosities, Crude is trying to break through the overhead Monthly 200-Simple Moving Average, and the Pound is rejecting its Weekly 200-Simple Moving Average. Bitcoin is dancing like a ghost between its weekly/monthly camarilla buy pivots range! No advice rendered. Seek a professional.
Predicted ranges for the week ending March 30
High:2739- 2720/Low" 2658-2634
High: 9628-9591/Low: 9445-9426
High: 1.2470-1.2368/Low: 1.2360-1.2303
High: $67.10-$66.08 Low: $63.41-$62.48
High: 1.433-1.425/Low: 1.406-1.403
High: .7821-.7795/Low: .7674-.7644
High: $10.50-$10.397/Low: $10.16-$10.0524
Projected & actual ranges for the week ending Mar. 23 (as of Thursday night/Friday morning)
High: 2817- 280
High: $10.75-$10.61 Low: $10.36-$10.24
High: $9,820- $9,120
Low: $7,751-$6,797 Actual: $9,190-$8,100