NEW YORK ( TheStreet) --The DJIA, S&P 500 and the Nasdaq were all down for this week and down for the third week in a row. The Russell 2000 was the only index up on the week.

The DJIA lost 145.91 points on Friday, well off its lows on the day, to close at 17,749.31. The S&P 500 was lower by 12.55 to finish at 2,053.40. The Nasdaq lost 21.53 to close at 4,871.76 and the Russell 2000 lost 4.50 to finish at 1,232.14.

The S&P 500 Trust Series ETF  (SPY) volume traded over 150 million shares on Friday which was roughly 60 million more shares traded versus Thursday's up volume.

All eyes will be on the Federal Reserve's Federal Open Market Committee statement Wednesday. Ahead of it the markets seem to be in a trading range heading and not making a bet one way or the other as to what the Fed may signal for interest rate policy.

One index that would appear to be signaling an interest rate hike is the U.S. dollar index. The DXYO has gone parabolic and is trading over 100 for the first time in years.

The question is, does the Fed risk an interest rate increase during this market volatility and currency devaluations around the globe? The last time the dollar was this strong, global competition and global debt were not the factors they are today. 

The key word traders and investors should look for in the FOMC statement is "patient." If the Fed leaves "patient" in the statement, markets could go a lot higher from current levels. If "patient" is out, the dollar should go higher and the stock market lower.

So we're in wait-and-see mode for the next three trading days.

Wynn Resorts  (WYNN - Get Report) and Marathon Oil  (MRO - Get Report), mentioned Thursday, were higher Friday. Stocks that have a current oversold signal and should move higher over the next trading day or two are Owens Illinois  (OI - Get Report) and Harris Corp.  (HRS).

This article is commentary by an independent contributor. At the time of publication, the author held a position in WYNN.