The Dow and S&P closed higher on the week although the Dow futures contract has not been able to breach the 14,000 level as the cash Dow had done previously. We still have another leg to go to the upside before the ES and YM run into their next major resistance levels in the 1520-50 area ES and 14,000 – 14,100 area YM. The key will be to watch and see if the NQ is able to move higher beyond the current MTPredictor weekly wave 2 resistance area. If it can’t while the ES and YM reach resistance, the corrections could begin. If the NQ can make it beyond its prior MTPredictor weekly wave 5 swing high then we will have all the markets in agreement to the upside.
The MTPredictor oil long continues to make progress while the gold and silver longs are consolidating. This maybe and extended consolidation period in these markets. We’ll see.
The MTPredictor software has generated a weekly short signal in the EUR/USD. If this plays out, we should see the USD reach its MTPredictor decision point weekly target.
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