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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.
For those interested in the cryptocurrency space, Ryan is hosting his monthly public webinar this morning. You can register for that here: https://www.elliottwavetrader.net/trading-room/post/10376763. In Case You Missed It…SPX dropped approximately 6 points this week, essentially closing unchanged for the week. It is still basically in a sideways trend since May. NDX is similarly postured.Despite the onslaught of retail news the week, SPX closed flat.
While the metals have certainly provided us with a nice pullback thus far, I do not yet have enough evidence to strongly suggest that the pullback is complete and a 3rd wave rally has yet begun.Starting with the 60-minute gold chart, you will see that we bottomed this past week just over the support box. And, off that low, while we do not have an ideal Fibonacci Pinball 5-wave structure, we can make out a leading diagonal. Yes, I know those are not terribly reliable.
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