The major stock indices are moving back to the downside after a brief rally after the FOMC meeting minutes.
- Dow industrial average moved briefly into positive territory but is now down -165 points or -0.49%
- S&P index fell just short of its closing level from yesterday. The high price reached 4302.18. The close level yesterday was at 4305.34
- NASDAQ index which has been the weakest of the majors moved up to a high of 13053.51 him. That was still well short of the closing level at 13102.82.
In other markets
- Crude oil is trading up $1.04 or 1.20% at $87.58.
- Spot gold is trading down around $10 at $1765.82
- Bitcoin is trading near its low level at $22,248. Looking at the hourly chart, the price had a spike above the 200 /100 hour moving averages, but quickly reversed back to the downside. IN the process, the price has broken below a upward sloping trendline and stayed below. The $22,777 level is the 38.2% retracement of the move up from the July 14 low. That is the next downside target on further downside momentum
Bitcoin moves below a trendline on the hourly chart