Technical Analysis

New intraday lows for major indices

Less than 25 minutes to go

Tomorrow is FOMC day. The Fed is expected to extend the time for the next move given the Chair Powell’s announcement at Jackson Hole virtual summit that the Fed would be using an average of the inflation rate going forward (vs the more static 2% target).

The US stocks with less than 25 minutes to go are trading lower and giving up gains. 

  • The Dow is now negative on the day bu 59 points at 27934. The low reached 27931.45
  • The S&P is trading to new lows at 3389.25 from a high of 2419.48. 
  • The Nasdaq index has moved to 11130.25 new low after being as high as 11244.46.  

Apple had product launch for the Apple Watch 6 (and other offerings) and new iPad was introduced, but a new iPhone was not announced or even talked about.  Apple shares moved from an intraday high of $118.36 to a low of $113.61. It currently trades at $114.40. 
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