S&P tested MA resistance and thought better of it before FOMC
The S&P index and other indices opened higher. The S&P was up about 16 points at the highs at 2059.88. That came very close to the 50 day MA at 2060.15 and not too far away from the 200 day MA at 2062.21. Yesterday, the price moved back above the 100 day MA (at 2029.34 today). On Monday, the index stalled right above the 50% retracement.
Perhaps trader thought twice about the move and in particular about moving above the 50 day and 200 day MAs BEFORE the Fed decision. Of course, oil inventories did not help today. They soared in the current week, and that sent oil prices sharply lower (currently at $35.76 -4.23%. The low reached $35.62). That has been a negative for stocks and as a result, the stock gains have been eroded.
The S&P is still up (about 6 points now) but near the lows (it is up 0.30% currently).
Meanwhile the Nasdaq is also some 31 points off it's high (up 0.22% currently). The Dow was up about 175 at the peak. It is up 0.14% at the moment.
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