DJIA: Dow Jones Tests 25k as Post-FOMC Sell-Off Extends

DJIA: Dow Jones Tests 25k as Post-FOMC Sell-Off Extends

DJIA Talking Points:

– Sellers have come back into the Dow and prices have moved-lower every day since last week’s FOMC rate decision. Last week’s high came in at a confluent area on the chart but in the week since, sellers have made a concerted push to get prices back down to the 25k psychological level.

– A number of headline items remain of concern as dynamics around Brexit and the Italian budget are coupled with an aggressive Fed and the prospect of more rate hikes in the not-too-distant future. In a speech last night, Jerome Powell noted the recent slowing growth around-the-world; but he also kept the door wide open for a December rate hike, which can keep pressure on stocks as the ‘Wall of Worry’ remains.

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