Wall Street Retreats as Fed Holds Rates Steady Amid Oil Surge

Wall Street faced a significant sell-off during today’s trading session. Specifically, the broader market fell as oil prices suddenly jumped. Furthermore, the Federal Reserve decided to leave interest rates exactly the same. As a result, the Dow Jones Industrial Average (DJIA) fell by 333.83 points (-0.68%) to close at 48,808.10. Similarly, the S&P 500 dropped 12.84 points (-0.18%) to finish at 7,125.96. Meanwhile, the tech-heavy Nasdaq shed 28.63 points (-0.12%) to end the day at 24,635.17.

Dow Jones Industrial Average (INDU)

The Dow Jones Industrial Average (DJIA) fell with surprisingly strong momentum today. Consequently, the index decisively broke down and left its ascending orange trendline behind. Because sellers have clearly seized control, further downside price action is highly probable. Therefore, the index might easily target the daily EMA 100 next. Alternatively, the price could drop slightly lower to test the 50% Fibonacci retracement level.

Kinder Morgan, Inc. (KMI)

Kinder Morgan (KMI) is currently retracing quite normally from its recent highs. Specifically, the share price has reached the daily EMA 100 and the 50% Fibonacci retracement level. Fortunately, buyers have managed to successfully maintain the price above this crucial support zone for now. However, if the bearish correction continues, the stock could easily drop further. In that specific scenario, there is a massive triple confluence around the $30.00 psychological level. Therefore, traders will closely watch this area, which perfectly combines the 61.8% Fibonacci level and the daily EMA 200.