We cleared Fed week last week without exceeding the prior weeks low in the Dow.  The stock of Goldman Sachs, however, did not fare as well as it is approaching its 52 week low.  We need to keep a good eye on Goldman and the bank stocks to see if they begin to break down ahead of the major indices.

The US dollar is coming off a major low from back in May.  It rallied and has pulled back into the MTPredictor major wave 2 or B support area.  The potential here is for a major rally into the wave 3 resistance up around the 79.15 area.

The overseas angst, focused on Greece at the moment, has led investors back into the US Dollar.  This has put more downside pressure on gold and silver.  Gold closed below its 50 day moving average for the first time since February.  Is this a good sign for long term investors or a potential breakdown?  Find out in this weeks video featuring the MTPredictor Elliott wave and Fibonacci trading software for stocks, commodities, futures and forex.

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Tags: commodities, Dow, elliott wave, fed week, fibonacci trading software, forex, futures, gold, goldman sachs, market update, mtpredictor, stocks, trading, trading software, US dollar

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