The markets (YM and ES) have not been able to trade above 12,228 and 1289.25 respectively.  These were the numbers I gave a couple of weeks ago that, if hit, should trigger the markets higher.  The failure to hit them over the last couple of weeks has led to consolidation and lower moves for these markets as expected.

Goldman Sachs stock closed below the critical $100 level again which does not bode well for the overall markets (Dow, NASDAQ and S&P).  Keep your eye on this $100 level as well as the $BKX (Banking Index).  If they can’t sustain rallies and close above their resistance levels then the overall markets may get cooked like a Thanksgiving turkey!

The US Dollar continued its rally toward the MTPredictor wave 5 and Decision Point resistance area.  As the USD rallied, gold and silver have sold off.  Once the USD comes into its resistance areas, I expect it to correct back to the MTPredictor wave 4 DP support area.  This should allow gold and silver to rise into its next resistance levels.

This will be a shortened trading week due to the Thanksgiving holiday in the US.  There is quite a bit of economic data that will be squeezed in beforehand.  Volume has been light as of late.  Expect that to continue with the holiday but be aware of these potential market moving economic reports early on in the week.

Check out the rest of the market analysis featuring the MTPredictor Elliott wave and Fibonacci trading software for stocks, commodities futures and forex.

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Tags: commodities, elliott wave software, es, fibonacci trading software, forex, futures, gold, goldman sachs, mtpredictor, silver, stocks, trading, US dollar, YM

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