Bearish sentiment cloud stock market before major earnings releases

DJIA futures currently lower more than 100 points following the kick-off of the Fed FOMC meeting. Traders and investors clearly hope that the Fed will avoid the “tapering” word today. Major earnings results will be released today. Boeing (BA) is set to report earnings before the market open.

Facebook (FB), Tesla (TSLA), and Apple (AAPL) are among the companies which will report after the market close. It is time to watch closely what the Fed will throw at the market. If tapering is mentioned then be prepared for a major pullback in the stock market.

Asian & European Stock market

The Asian stock market mixed today. Japan stock market up 89.03 points (+0.31%) to 28,635.21, China stock market up 3.91 points (+0.11%) to 3,573.34 and Australia ASX 200 down 44.10 points (-0.65%) to 6,780.60 . The European stock market under pressure. DAX Germany down 0.54%, UK FTSE down 0.30%, and Euro Stoxx600 down 0.32%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index made a bullish attempt yesterday but at the end of the day, the index turned lower and closed slightly lower below the 0 levels. Similar to the previous day, there is no strong clue on where the index will move next. The index might print several neutral candlesticks closes before the Fed FOMC result.

Coca Cola Co (KO)

The share prices trade lower after testing the top of the channel. At the current time, it is supported by the daily SMA 200 and not far from the bottom of the channel. KO share prices are expected to continue its movement inside the channel range. Traders could use the bottom of the channel and the daily SMA 200 to enter long positions.