By Elliott Wave International
Good afternoon and welcome to our first installment of the Elliott Wave Market Minute.
The big story of the day is in U.S. Stocks.
The Dow Jones Industrial Average topped out at 24,057 and then plummeted to a new intraday low for the year of 23,162. The index also made a new closing low at 23,323.
The S&P 500 hit a high of 2,585 and a low of 2,488, closing down 39 points at a yearly low of 2,506. The S&P’s range of nearly 100 points was the biggest since February 9th. Today was also the first day that the index closed below its 7-year trendline connecting the lows of 2011 and 2016 on log scale.
Nasdaq futures topped at 6,610 and made a low of 6,301, closing at 6,352.
Today is the first day since February that the Dow and S&P made joint new intraday and closing lows.
The stock indexes topped one minute after 2:00, when the Fed announcement began. Buying was so strong that the Emini S&P futures traded briefly at 5 points above fair value, the Nasdaq futures 15 points above fair value.
774 stocks closed up while 2,105 closed down. TRIN was 1.19.
TICK today reached a low of -1,560, the most extreme negative reading since October 29.
The stock market’s volatility was nothing compared to Bitcoin Cash, which was up 31% today.
Gold rallied at the market open, hitting a high of 1,262, but dropped into negative territory in the afternoon, bottoming out at 1,245 just before the close.
Silver came within 5 cents of registering a new multi-month high, but fell just short of that achievement and closed down 5 cents at 14.64.5.
Find out what is likely to happen tomorrow. Tune into tonight’s Elliott Wave Short Term Update, which will be posted at 5pm Eastern.