The major stock indices are all closing lower for the 3rd day in a row. There is no day-after relief rally for the stocks today.

The Nasdaq led the declines with the pair closing below the 200 week MA at 11096. The index is closing at 11066.82. Admittedly, it is the end of the week that matters (so tomorrow), but the failure to stay above the level into the close today is not looking good.

Yields are sharply higher today as the Fed decision and projection of 4.4% at the end of the year weighs on projections for earnings and growth prospects. The 10 year yield is at 3.7%. That is up from 3.45% at the close on Friday (+25 basis points). The 2 year yield is at 4.12%. The close on Friday was at 3.875% (also up 25 basis points).

At some point the eternal dip buyers will be right, but there is little to say the buyers are winning.

  • The three major indices are below both their 100 and 200 day MAs
  • The Nasdaq is now below its 200 week MA.
  • IN the short term, the major indices have been below their 200 hour MAs since August 26. All are below theiir lower 100 hour MAs. FOr the Dow the 100 hour MA is at 31220 (30076 is the current price). The S&P 100 hour MA is at 3930 (current price is 3758). The Nasdaq 100 hour MA is at 11640.31 (current price is at 11066.82)

The final numbers are showing:

  • The Dow fell -107.12 points or -0.39% at 30076.67
  • The S&P fell -31.94 points or -0.84% at 3758.00
  • The Nasdaq fell -153.38 points or -1.37% at 11066.82
  • Russell 2000 fell -39.84 points or -2.26% at 1722.11.

Of the 11 S&P sectors, all but two are lower. The gainers were:

  • Telecommunications +0.06%
  • Healthcare, +0.52%