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Good Wednesday Morning, MPTraders! September 16, 2026-- Pre-Market Update: This day has finally arrived! Fed Time!Let's take a look at some Big Picture Set-Ups to see if we can arrive at a directional reaction to whatever the Warsh Fed does and says between 2 PM and 3:30 PM ET today:Weekly 10-Year YIELD argues for upside continuation-- not necessarily immediately-- to 5.25%-5.50% before pivoting to the downside into a major correction. If that proves to be the case, then will upside continuation from 5% to 5.
While I really cannot glean much from the gold chart as it is too much of a mess to be reliable, both GDX and silver are saying that as long as we are below 68 in silver and below 98.35 in GDX, it may be advisable to take a more protective stance, as the potential for lower lows has grown. Should we see something different, I will alert you.
In Case You Missed It…This week we will need to delve deeper into the wave counts on several instruments covered in the Flagship and Nightly services. But first, a quick update on the major equity indexes:SPX gained approximately 93 points this week, forming what can be called a doji (indecision candle) on the weekly chart, on at average volume. SPX is still in an overall sideways trend from May but it may be compressing to the upside.SPX closed slightly above the Gamma Threshold level and the 50day moving average is holding as support.
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