Market Summary 10/22:
One week before the FOMC, expect sideways market action. Some stocks and sectors are holding up, but the risk of a decline next week is rising. Bonds and notes may react positively to the FOMC but could peak and sell off. Energy is recovering from oversold conditions, but no buy signal exists yet, and November seasonals are weak.

Gold 10/22 Year-End Outlook:
By mid-December, cycles suggest a gold rally. A three-wave pullback or volatile congestion triangle is possible. A secondary high is likely this week. Gold typically rises from Dec. 15 to Jan. 15, with messier geopolitical cycles into the new year.

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