Wall Street Slides on Surging Yields and Oil Prices
U.S. stock markets mostly lower today as rising bond yields and higher oil prices weighed heavily on investor sentiment. The Dow Jones Industrial Average (DJIA) fell 372.34 points (-0.71%) to 52,048.86. The S&P 500 dropped 41.65 points (-0.55%) to settle at 7,578.33, while the tech-heavy NASDAQ Composite declined 235.432 points (-0.90%) to close at 25,950.981.
Dow Jones Industrial Average
The DJIA index is pressuring lower and getting near the EMA 100 ahead of the upcoming FOMC meeting. As we wait for the meeting and its results, it is better to wait and see for now before establishing new directional positions. A definitive bounce or breakdown from this moving average will likely provide the next clear trading signal once the volatility settles. On the lower side, the EMA 200 could become target if breakdown happen.
Freeport-McMoRan Inc. (FCX)
FCX share prices broke above the triangle pattern and have now corrected to the breakout level, which also aligns with the ascending trendline. If there is a strong bullish reaction at this dynamic support, traders could continue to hold or add to their long positions. Conversely, a failure to hold this zone could invalidate the recent breakout and trigger a deeper near-term pullback. On the lower side, the EMA 200 is expected to continue acting as a major support level.