The markets rallied into options expiration week as it does about 70% of the time.  This stopped the daily YM TS3 sell signal as a break even trade.  The MTPredictor wave 5 targets, however, are still in play as the wave 4 resistance area has not been taken out yet.  If it is not taken out, we could roll over once again to the downside and see the minimum wave 5 target.

Tuesday begins the 2 day Fed meeting.  The market will be looking to see if the Fed has any plans for additional stimulus.  This may be event that resolves this trading range that we are now seeing in the daily and weekly YM and ES.

Goldman Sachs continues to bounce off the MTPredictor DP support and buy signal.  The target is given in tonight’s MTPredictor Weekly Market Update.

A new TS3 sell signal was given in oil last week.  We have had 2 break even trades already in this area.  The danger is a move into wave 3 up around the $99 area if the TS3 sell fails.

Look for a potential move in gold down below the 50 pd moving average but above the 200 pd moving average.  If it does, we will be looking for a potential buy signal for both gold and silver.

Get the rest of this weeks analysis below:

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Tags: Dow, dow short, elliott wave software, fibonacci trading software, FOMC meeting, gold, mtpredictor, mtpredictor market update, oil, wave 5

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