Stocks slip as the Fed chair presser continues

Technical Analysis

Author: Greg Michalowski | sp

S&P index now negative on the day. NASDAQ index with declines

the US stocks have slipped into the negative. The S&P index is currently down 3.4 points or -0.10% at 3397.65. The NASDAQ index is down -85 points or -0.76% at 11104.

The Dow industrial average remains up by 87 points or 0.32% at 28085.

Looking at the NASDAQ hourly chart below, the price has moved down toward its 50 hour moving average at 11083.27 (making new lows as I type). A move below that moving average (white moving average line in the chart below) would tilt the bias more to the downside from a technical perspective.

NASDAQ index
Powell did not allude to more QE or extending bond purchases out the curve. That may have been disappointing to some who wanted to see the Fed keep a lid on longer rates. The 30 year bond is currently up about 1.5 basis points at 1.445%. The Fed chair did signaled that he felt fiscal policy was still needed.

Spot gold is moved lower and currently trades up around $3 or 0.15% $1957.50. The high price reached $1973.60. The low price has extended to $1949.93.

WTI crude oil futures have moved above the $40 level and trades at $40.23 up $1.95 15.09%

IN the forex, there is some minor moves into risk off. The AUDUSD has moved to a new session low at 0.7285 (but it is also choppy). That took the pair back below it's 100 hour MA at 0.72946 . Traders will look toward the 200 hour moving average at 0.7279. An upward sloping trendline comes in just above that level on the hourly chart (see chart below).  A move below that level would next look toward a swing area between 0.72509 and 0.72597.

AUDUSD on the hourly
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