With technical studies entering trending breakout mode for June in world markets, studies also indicate overbought status for some market symbols, writes Trevor Smith of Trevor's Trading.
Markets in June’s technical conditions can produce trending, wide-range price moves but may also exhibit fewer reversal turns when in moderate ranges. Since many market symbols show price bars at the top edges of their Bollinger Bands, bearish traders will watch closely and/or enter.
Honestly, I had to step back to monthly statistics to see more of what’s going on with these big breakout/breakdown setups, and I am only day trading once per week with another trader—each of us focuses on only one market direction.
My last article entitled, Halfway Points Tell the Tale (moneyshow.com) mentioned space weather events near May 30 and June first that may coincide with bearish sentiment, "before both emerged as down days. My ongoing prediction of food riots/insecurity is happening, and this is why I put systems in place to ensure specific multivitamins and kids’ growth supplements were available through my nonprofit foundation in an effort to offset some people’s future food crisis suffering—it is not an evenly distributed food insecurity. As of May 31, 2022, ten of ten projected ranges were printed, a rare occurrence.
June’s Predicted Ranges
E-mini S&P 500 (ES=F)
High Range 4338-4304; Low Range 4041-3995
Bullish range in rally continuation possible until it stops. Space weather/non-terrestrial event dates that may coincide with bearish sentiment on June 12, 25.
Bitcoin (BTC)
High Range 33995-32775; Low Range 29734-27567
Neutral-bullish ranges; 32421 is June’s monthly pivot price pulling from above.
Euro FX
High Range 1.192-1.084; Low Range 1.062-1.051
Neutral; 1.071 as May monthly pivot.
Gold
High Range $1881-$1865; Low Range $1830-1818
Neutral range. Bearish candlesticks prevail-eventually. Monthly 20-Moving Average support.
Crude Oil
High Range $124.00-121.48; Low Range $117.50-115.18
Neutral ranges. Yearly pivot: $40.19; $46 level is possible-eventually.
Prior Predicted Ranges (Written May 16, for May 16-June first, 2022)
E-mini S&P 500
High Range 4084-4065; Low Range 3965-3920
Bullish range in rally continuation possible until it stops. Space weather/non-terrestrial event dates that may coincide with bearish sentiment at May 30, and June first.
Actual: 4202-3807
Bitcoin
High Range 33611-31545; Low Range 29500-27367
Neutral-bullish ranges; 41210 is May’s monthly pivot price pulling from above.
Actual: 32445-27995
Euro FX
High Range 1.165-1.058; Low Range 1.042-1.038 1056-39
Neutral-bullish; 1.071 as May monthly pivot.
Actual: 1.079-1.040
Gold
High Range $1861-$1830; Low Range $1788-1771
Bullish range. Bearish candlesticks prevail-eventually. Monthly 20-Moving Average support.
Actual: $1861-1785
Crude Oil
High Range $119.00-116.08; Low Range $106.50-103.80
Neutral ranges. Yearly pivot: $40.19; $46 level is possible-eventually.
Actual: $120.99-103.24
Trevor Smith is a technical market analyst/forecaster who is registered as a Commodity Trading Advisor. You can view Trevor’s Trading here.
