Higher oil and FOMC minutes beat up the markets today. As noted yesterday the down sloping 50 SMA was observed as resistance on the 15 minute intraday chart.
FOMC highlighted weakening economic activity, slowing growth in consumer spending, softening labor market, financial/housing markets still under stress, and no more rate cuts even if economy contracts.
Technical damage - loss of 20 EMA on the daily and trend line break on S&P. The aggressive reversal off of Monday's highs leaves the door open for more weakness, but the NASDAQ is coming into support levels as highlighted on the chart, as well as, May low at 2535/2429.
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