Dow Jones Lower Ahead of Fed Decision
Wall Street indices started lower today with the Dow Jones giving up 0.32% at 27,023.05. The Nasdaq currently is trading 0.37% lower at 8,155, while the S&P 500 trading 0.31% lower at 2,996.71. United States Housing Starts Change came in at 12.3%, above forecasts of 4.5% in August, Building Permits Change fell from previous 8.4% to 7.7% in August. The CBOE Volatility Index or fear index is adding 4.92% at 15.15 just to confirm the nervous market mood ahead of the Fed decision in about two hours.
Dow Jones getting a boost from Apple +0.59%, Walmart +0.48% and Microsoft +0.45, on the other hand, Caterpillar Inc is -1.57%, Dow -0.94%, 3M -0.75% and American Express is -0.77%.
Dow Jones continues the correction today from recent high but holds above the 200 day moving average as bulls are in control. On the downside, Dow Jones first support stands at 27,017 today’s low and then at 27,615 the 200 day moving average. On the upside immediate resistance is at 27,089 today’s high and then at 27,273 the high from July 31st. The technical outlook for Dow Jones is bullish, and only a break below 26,000 will question the positive momentum.
The European Indices ended the session mixed, the DAX 30 finished 0.14 percent higher at 12,389 while CAC 40 in Paris ended 0.09 percent higher at 5,620. The FTSE 100 finished 0.09 lower at 7,314.