FOMC Gets Market Lower, But Not For Long

Not much action in the morning for the Dow and S&P500. Small caps and tech on the other hand were lagging the other two. The action was mostly sideways, price building a triangle on the intraday chart.

At 2PM, the FOMC Minutes were announced and this often guarantees wild price swings. And so was the case today. The market quickly sold off half a percent. But it didn't take long for indices to bounce and in the last 20 minutes, they were trading back into the 'triangle-area'.

We're seeing some (red) hammers on the daily, with support trendlines holding (see daily chart SPY). If tomorrow can bring some follow-through on this late day action, another higher low could be in place.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
What a good day for oil and metals! Oil went up +2.5% and copper added 1%. Gains for silver and gold were smaller, but both beat the indices easily.

The euro on the other hand is trading sideways and looks fragile, sitting on a level not seen for two years (1.22-1.225).