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Stocks were positive for most of the day, but investors may have wanted more from the Fed because after the Fed policy statement was released, stocks lost ground. The Dow gave up 25-points.
The SPX 500 daily has made a series of three highs in the last month as shown on the accompanying chart. Daily closes were inside the box, until today. We can see a declining top with 1474, 1471 and 1464 highs. Time elapsed from these highs to the lows were 9, 6 and 4 trading days with a drawdown of 2.9%, 3.0% and 3.8%. So, the downside momentum is intensifying. The stochastic is nearing oversold, but the RSI has a ways to go to reach 30 or below. Remember, markets can stay oversold for periods
The Dow was rocked for 200+ points for the second time in three days. This one did technical damage to two charts that had been holding up. Stocks are now oversold, so now what?
After Friday's big 200-point sell-off, stocks were holding on most of the morning yesterday, but fell apart in the early afternoon trading. The last hour of trading however, saw buyers step up and the Dow closed up 2-points on the day, which was 110-points above the day's low.
I could be wrong, but the US Dollar (USD) seems like it wants to rally. The evidence is shown on the daily $USD chart below. A flattening of the 13 day exponential moving average (ema) is underway, after a big move down starting in late July. Now the 3 ema has turned up in September and recently made a higher low. Further, the stochastic has turned up from oversold with a higher low, and a recent %K %d cross. The MACD has been above the zero line since September 24. For this rally to be the