Stock market turn lower at the start of week

U.S. equities opened lower today as traders reduce exposure ahead of next week’s FOMC meeting. Despite recent optimism from lighter inflation and softer labor data, the market is showing early signs of caution. Major indices are trading slightly below last week’s highs, and risk sentiment turns neutral as investors wait for the Fed decision. Traders might want to stay cautious for now and wait the reaction after the interest-rate announcement.

Dow Jones Industrial Average (INDU)

DJIA pulled back today after last week gain. The overall bullish structure remains intact, and the index is consolidating while positioning itself before the FOMC meeting. If the bull return, then the index may attempt another move toward 48,000, with extended targets at 49,300 and 50,000. If bearish pressure continues, then a deeper pullback toward 47,000 might happen, but the broader trend stays bullish above the rising trend line.

3M Company (MMM)

MMM experienced a sharp pullback and looks will continue the downward movement to test support near $160.00 (EMA 100 area). This zone will act as the first reaction level. A bounce from here could bring price back to target a new higher swing high. If bearish movement continues, then the next supports are $155.00 and $152.35 (SMA 200). Overall outlook remains neutral-to-bullish as long as price holds above the 200-day SMA, and traders will watch reactions near the current level.