US stocks fall with Fed in focus

By FXStreet FXStreet (Córdoba) – Wall Street closed in the red, although with limited losses, as investors refrain from buying stocks ahead of the Federal Reserve monetary policy decision on Thursday.

The Dow Jones fell 0.38% or 62 points, to end the day at 16,370.96. The S&P 500 shed 8.02 points, or 0.41%, to settle at 1,953.03. The Nasdaq Composite closed 16 points, or 0.34%, lower at 4,805.76.

Stocks are expected to remain choppy ahead of the upcoming Fed meeting, with high levels of uncertainty probably increasing over the next two days, triggering some wild spikes either side of the board. Ahead of the meeting, the US will release Industrial data on Tuesday, and inflation figures on Wednesday, both set to make some noise.

DJIA technical view

“In the meantime, the daily chart shows that the index held above its 20 SMA, now around 16,310, whilst the Momentum indicator turned sharply lower and crossed its mid-line towards the downside, as the RSI indicator heads slightly lower around 44”, said Valeria Bednarik, chief analyst at FXStreet. “In the shorter term, the 4 hours chart presents a neutral stance, as the technical indicators stand horizontal around their mid-lines, whilst the index is stuck around its …read more

Source:: FX Street