Once again it’s time for the Fed to meet and announce any changes in interest rates and give their outlook on the economy. Expect things to continue to be choppy into that announcement. Hopefully, the market will get some movement and set some direction into the end of the year.
The ES has corrected back up towards the MTPredictor Decision Point resistance area. It is not quite there yet but another good push up into Christmas would get us there. This may set up a weekly MTPredictor wave 2 corrective move up which could lead to a big drop during the 1st quarter of 2013. This would align with the current Hindenburg Omen that has a window out into March of 2013 that indicates the market internals are weak and provides the conditions necessary for a potential market correction or crash. Stay tuned.
Check out the detailed analysis in this weeks MTPredictor Weekly Market Update