Hello MarketClub members everywhere. After erasing the losses from the biggest drop of the year last Wednesday, the markets have entered a bit of a holding pattern. Traders are waiting for the Federal Reserve to release their meeting minutes for the May meeting. Everyone is waiting to see if there will be a rate increase next month. Fed funds futures show that traders now see a 75% chance that the Fed will raise interest rates in June. The minutes will be released at 2 p.m. ET.
After six days of gains, crude oil has cooled off a bit as OPEC prepares for a crucial meeting in Vienna on Thursday. Meanwhile gold triggered a new red daily Trade Triangle indicating that gold may be preparing to head lower.
Key levels to watch this week:
S&P 500 (CME:SP500): 2,405.77
Dow (INDEX:DJI): 21,046.85
NASDAQ (NASDAQ:COMP): 5,996.81
Gold (NYMEX:GC.M17.E): 1,263.80
Crude Oil (NYMEX:CL.N17.E): 50.57
U.S. Dollar (NYBOT:DX.M17.E): 99.76