Stock futures are flat ahead the FOMC meeting today
The U.S stock market futures mostly sideways today before the Fed FOMC meeting today. It seems there will not be a big surprise from the announcement which means no major volatility. Traders and investors will observe closely the Fed plan next year regarding interest rate and how fast the tapering will proceed.
Dow Jones Industrial Average (INDU)
DJIA index maintained the level near the daily SMA 50 & 100 before the Fed announcement today. If the index could bounce from the averages then the bullish trend is set to continue. On the other hand, if a bearish breakout happens then the index could move lower to retest the daily SMA 200. As long as the index stays above SMA 200 then there is a chance of bullish continuation to target a new record high.
Analog Devices (ADI)
ADI share prices look trading inside a bullish channel. The share prices currently move lower and soon will reach the bottom of the channel. Aside from the channel, there is daily SMA 100 present. Traders could consider entering long positions near the bottom of the channel when there is a bullish reaction.