All jump to stock before The Fed

The main event for today trading session is the historical announcement by Federal Reserve. The Fed might increase interest-rate the third time today, but the market is not expecting they could. Nevertheless, an interest-rate increase accompanied by hawkish comment could spark a movement in U.S dollar as well in the stock market.

Hawkish stance means the stock market is prime for correction. Another announcement expected is the shrinking of the balance sheet. Though it is important to hear The Fed will start unwinding the Balance Sheet, it might not give much impact as the shrinking of balance sheet largely anticipated by the market.

The market will wait for U.S crude oil inventory data which expected to increase 2.8 million barrels. Crude oil was hovering at $50.06 when this article was written.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA is on a bull run and there no sign of stopping yet. Today, the future is flat before market open and indicate indecision before The Fed interest rate announcement. Without any major change in The Fed outlook, it looks like DJIA will continue higher to next resistance.

Hess Corporation (HES)

HES share prices respected its downtrend channel, and there is not once it leaves the channel. Currently, the price is testing the top of the channel where there is daily SMA 50 & 100. Traders could expect the price will continue moving inside the downtrend channel and look for a short position.