Stock futures gaining after yesterday’s FOMC meeting

An interest-rate cut seems far away now as a “Higher for longer” mantra cited by the Fed. We might not see further rate-hike but a rate-cut might not happen until the third quarter of this year. Traders will continue to monitor the inflation data to get a clue on when the Fed will start the rate-cut. At the current time, the stock market might move with bearish pressure and traders could use the moment to add more long positions in stocks at a lower level.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index looks to consolidate near the 37,800 – 38,000 area and attempting to bounce from it. There is no strong confirmation yet that the bounce is occurring. The index might continue trading sideways near the current level. If the index continues the bearish movement, it will target the level around 37,000 and the daily SMA 200.

Advanced Micro Devices (AMD)

AMD share prices are in a bearish trend right now toward the daily SMA 200. The share prices will soon reach the averages and test it. If it could maintain the position above the averages and bounce from it, traders could enter long positions. A consolidation might occur between the averages and $160.00 as traders awaiting for update from the interest-rate side.