The YM finally confirmed the ES move to new highs. Both markets have hit a weekly resistance area with divergence in both markets. The ES came just shy of 1500 while the YM and Dow are within striking distance of 14,000. With these significant price levels so close, it would be hard to believe if they don’t make a run for them.
This week we will hear from the Fed as they meet for their announcement on interest rates on Wednesday. This could be the excuse to test those upper levels. Although no change in rates is anticipated, the Fed’s commentary may be market moving.
The MTPredictor weekly oil long has been slowly creeping up to its target just above $100 while the gold long has yet to make any progress. We’ll see what this Fed week brings.
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