By Markus Heitkoetter
U.S. markets ended the session lower after today’s highly anticipated FOMC Statement and Press Conference.
During the press conference Fed Chairwoman Janet Yellen said the end of the quantitative easing program would likely come some time this fall. According to Yellen, the first rate increase would follow in “six months or that type of thing”.
It was a fairly typical “Fed Day” with sideways indecisive markets early on. The initial reaction to the FOMC Statement was negative, but most of the selling came following the Press Conference at 3:05pm ET. The S&P finished -11.5 points lower and the DOW dropped 114 points.
Gold (GC) lost over -2.0% during the session, ending the day at $1,329.70 an ounce.
With 2 of the 3 Power Crossover Method indicators showing the possibility of a downtrend, we could see a short signal in the next few days.
For now…we wait.