20,000 button under The Fed control

The market took a cautious approach before the Fed interest rate decision today. Dow Jones Industrial Averages Futures show a decline of 12 points before market open and might move lower just before the news announcement. Asian market was mixed and European market falter, on the other hand, precious metals gaining foothold today.

The market is not looking for interest-rate hike cause it already priced-in, what the market want to see is The Fed outlook for 2017. How they see, President Trump tax cut for companies and other policies will influence the Wallstreet.

Technical Analysis

Dow Jones Industrial Averages (INDU)

High volume even though Dow Jones Industrial Averages moving near the 20,000 barriers. The steepness of the move grows sharply, denying all opinion that the index should move slower near the barrier.

Campbell Soup (CPB)

Bullish upward correction in CPB will challenge its daily SMA 200 and also major resistance $60. Will the price bounce lower or will it break and close upside?

Raytheon (RTN)

RTN favored bullish scenario as it breaks above the resistance around $142-$143. The price made a very long pin bar which is bullish, but previous day close has not shown confirmation of the bullish pattern. If we get a close above the bullish pin bar, then we will see RTN continue its bullish scenario.

Other Watchlist

ATVI – bearish pin bar formed below daily SMA 200, a possible continuation of bearish trend.

WES – the price maintained its position above the daily SMA 100, observe for a bullish setup.

W – Stock rallied near its daily SMA 200, look for bearish setup from the averages.

WYNN – re-test of daily SMA 200, if it failed the price should move lower.

CRM – the price show bullish indication as our November long-term analysis look for a long chance.

TJX – bullish pattern from the daily SMA 100 & 200. A higher close is favorable for the bull.