Jul 31 2019 - Market Sells Off On Fed News

The major indexes sold off today after the Fed lowered rates by 0.25% and hinted at no further rate cuts. With SPY, DIA & QQQ now below their 20-day EMAs, the bulls have lost their edge on the daily charts for the time being. The next major support target is now at their respective 50-day SMA (institutional moving average).

Gold and Silver also sold off, with the mining ETFs (GDX, SIL) performing the worst. We also cover AAPL, GOOGL, XLF, KSS, ANF, JWN, VIX, TLT, UUP, FXE and more.

Have a great day!

Ron

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