May 12
13
Waiting Game
After the Dow futures made a new recent high last week, the S&P failed to do the same. This puts the markets in a bit of a waiting game to see how this gets resolved. The danger in the S&P failing to make a new high last week is that set up an MTPredictor wave 2 pattern off a significant Decision Point high. This means that we may not stop at the current wave c support area and instead head down to the MTPredictor minimum wave 3 target and support.
The same waiting game applies in gold, silver, oil, EURUSD and US Dollar index. It may take further consolidation but one thing is for sure, they will get resolved one way or the other.
Check out the rest of the analysis using the MTPredictor add-ons for Ninja 7.
P.S. Happy Mother’s Day!
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MTPredictor runner up 2011 Readers' Choice Award for best futures trading system.
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Read the MTPredictor article in the Sept/Oct 09 issueMay 12
10
MTPredictor Advanced Gap Analysis
Today’s MTPredictor trading webinar focused on some advanced gap trading concepts. What happens when correlated markets are not so correlated. What happens when the NQ has an inside gap and the ES has an outside gap?
Find out how we size these up using the MTPredictor Elliott wave and Fibonacci trading software for stocks, commodities, futures and forex.
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After the recent corrections in the Dow and S&P, I was expecting a move to potential new recent highs in these markets last week. The Dow did reach a new high but the S&P failed to get there. This sets up an interesting pattern in the ES that carries some downside danger to the MTPredictor 1300 (ES) area. The NQ could see some further pullback into MTPredictor wave 4 support before heading into wave 5 up that would take that market to new recent highs. Much of this will depend on how the S&P plays out now.
With the Fed meeting and earnings season out of the way, we’ll see how we head into the summer season – like a bull or like a lamb.
Stay on your toes and wait for the best setups! As always, manage that initial risk and allow yourself to let those winners run.
Check out the rest of the analysis in gold, oil and silver in this weeks MTPredictor Weekly Market Update
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Apr 12
29
New Market Highs?
With the S&P correction potentially in the rear view mirror, we have the potential for new market highs. We will have to see how the market responds to the rest of the earnings announcements early this week.
The Dow is in the MTPredictor wave 4 heading into wave 5/DP resistance. This would take the markets to new highs. If we get these new highs the potential for another market correction would come into play.
A number of professionals were buying gold below the daily 200 pd ma (weekly 50 pd) which is basically where the MTPredictor weekly TS3 buy signal came in. We’ll see how this plays out over time. There is a danger of silver going wave 3 down which would take it to $15.25 an oz. This, however, may be a welcome opportunity for long-term silver players.
Oil is also long on the daily chart with the target at 111.55. We’ll see if the summer season continues to push the price up into this area.
Check out the rest of the analysis featuring the MTPredictor Elliott wave and Fibonacci trading software for stocks, commodities, futures and forex.
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