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As the Fed Decision approaches, it is expected to be a non-event when it comes to an interest rate hike. It does appear that some sectors are lined up for some changes, however. Let's discuss why.
Read MoreI wasn't really expecting a whole lot of change in the various markets sectors on Monday, Tuesday, and even Wednesday morning, but we do have the FOMC Decision at 2 p.m. Wednesday afternoon, and that may cause some 'changes'. Let's discuss the precious metals markets.
GOLD - We've been waiting for and expecting this drop, so that is nothing new. The stochastics isn't even oversold, so selling can continue Tuesday & Wednesday too.
Read MoreAnother week has come and gone and the markets have moved closer to the FOMC meeting and other events that can affect the markets. Let's discuss the latest market action and what the plan is going forward.
SPX - This looks like Day24 for this daily cycle and it has a Day 21 peak. We see a swing high in place and this can drop into a dcl. I am expecting some gaps to fill and likely a back test of support and the 50sma into the FOMC MTG Wednesday.
NYA - This looks like a back test so far too, but we possibly have enough time left in this daily cycle to do more than just a back test, so will it bounce around or consolidate?
There is more to this set up than just what was stated above, so let's look at 2 more sectors...
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