S&P Willing but the Dow Is Weak

After enjoying the Holidays, I’m back to pick up where we left off in late December.  At that point, I was anticipating a rally into the Christmas Holiday into the MTPredictor wave 4 Decision Point resistance target (see HERE) .  That was achieved during that time period.  I was also then looking for a potential abc corrective move up from the weekly wave 1 down which would set up our MTPredictor Holy Grail trade setup where we would be looking for a large wave 3 move to the downside (see the HG trade setup HERE ).

However, something interesting has happened as the ES has traded above the prior weekly wave 5 high which erases the potential for the Holy Grail setup in the this market.  The YM and the NQ, however, have failed thus far to take out their prior weekly wave 5 highs.  The ES is typically the boss so we will have to see if the laggards catch up or if they pull they ES back down with them as they still have the potential for a wave 3 move to the downside.  Keep an eye on each of these going forward.

Gold and silver were thrashed a bit over the last few weeks leaving some to wonder if the bull market there is over.  That coupled with the Fed’s recent comments that asset purchases could come to an end before the finish of 2013 have some abandoning the metals.  A look at the bigger picture however may say something different at this point.

Have a look at all the analysis in tonight’s MTPredictor Weekly Market update as well as our MTPredictor Trading Room since inception and take advantage of our New Year’s discount promotion.

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • Digg
  • del.icio.us
  • Facebook
  • NewsVine
  • Reddit
  • StumbleUpon
  • Google
  • YahooBuzz
  • Twitter
  • Technorati
  • Live
  • LinkedIn
  • MySpace

Tags: , , , , , , , , ,

Leave a Comment

*