Stock futures flat ahead of the Fed FOMC meeting

The market seems taking a breather for now and moving flat near the opening level. Traders and investors will focus on the Fed FOMC meeting this week which might provide some guidelines until the end of the year. If the Fed surprises the market with a rate-cut then we will see major bullish movement. However, if the Fed decide to cut-rate later then we might see sideways movement.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index bounced from the breakout point and looks moving upward again. The index will attempt to continue the bullish movement to print a new record high. Traders will stay cautious for now as the market will observe the Fed announcement on interest rates. Despite the situation, technically, the index continues printing new higher highs and higher lows which means the bullish trend is still favored.

SM Energy Company (SM)

SM share prices tested the horizontal support level around $43.5 and managed to bounce from it. However, the share prices are also limited below the bearish trendline and need to break out above it to confirm the bullish trend. At the current time, the share prices might consolidate between the trendline and the $43.50 support level. Traders could use the level between daily SMA 200 and $43.50 as places to enter long positions.