The markets seemed to be waiting on the Fed today.
Starting with the dollar we did not see too much there
The dollar did manage to form a swing low today
However, the swing low did not even fill the gap from Monday. More importantly, the dollar did not break above the declining trend line so we do not know if today was day 1 or day 20.
Like the dollar, gold did very little today.
Tuesday was day 28 for the daily gold cycle. Gold is getting late in the timing band. A panic spike down this late in the cycle could mark the daily cycle low. Often time these Fed days see an asset spike one way before reversing. A break below the 1300 level would shake loose plenty of weak hands.
The Miners just maybe foreshadowing gold’s intentions.
Friday was day 26 for the daily Miner cycle. That was the lowest point since the Miners peaked on August 27. They have since formed a swing low and now is up against the declining cycle trend line. A break above the declining trend line confirms a new daily cycle. Please note that both the True Strength Indicator and the Money Flow Index delivered bullish crossovers.
So the markets may be waiting on a friend, and they hope that their friend is (Super)Ben.