Dow Jones

3rd May -

Dow closes more than 150 points lower, but Apple rises 4%

• The major indexes initially popped after the the central bank made its announcement on monetary policy, but sold off sharply in the last hour of trading.


• The Fed kept interest rates unchanged, as was largely expected. The central bank's policymaking committee also noted that "overall inflation and inflation for items other than food and energy have moved close to 2 percent."

 Dow Jones industrial averagedeclined 174.07 points to 23,924.98, while the S&P 500 fell 0.7 percent to 2,635.67. The Nasdaq composite also dropped 0.4 percent to close at 7,100.90. The major indexes initially popped after the the central bank made its announcement, but sold off sharply in the last hour of trading.

The Fed kept interest rates unchanged, as was largely expected.The central bank's policymaking committee also noted that "overall inflation and inflation for items other than food and energy have moved close to 2 percent." That was an upgrade from the March meeting in which the FOMC said the indicators "have continued to run below 2 percent."

Dow yesterday closed more than 100 points lower, down 148.04 points to finish at 24163.15. Looks rather bearish!

The index is trading below it's 20, 50 & 100 days moving average. This is quite negative.
It may likely go down to retest the recent low at 23850 level. Breaking down of this level may likely challenge the 23700 level which is also coincide with it's 200 days moving average.

If it is unable to defend this 23700 level ,it would be quite bearish  and may likely move down to test 23380 level which is the immediate support level .


It could well be driven into Bear mode and kick-start into down trend once this level is being broken down.

Not a call to buy or sell.

Please do your own due diligence.

Quote :

US stocks are set for a weak open as earnings and the Fed meeting take center stage.

U.S. stock index futures fluctuated ahead of Tuesday's open, as investors turned their attention to the corporate and central banking space.

Around 7 a.m. ET, Dow Jones industrial average futures fell 23 points, indicating a lower open of 10.15 points. Nasdaq 100 and S&P 500 futures also indicated a weak start to the session for their respective markets.(cnbc.com)

rvey at 10:30 a.m. ET.

The Federal Opening Market Committee will begin the first day of its two-day meeting; the group is expected to discuss the current state of the U.S. economy and monetary policy.

At the monetary policy event, market participants are not expecting any alterations to interest rates; however, a change in rhetoric could occur. The central bank's decision is due Wednesday.