U.S stock futures flat nearing the Fed meeting

The stock market mostly cautious ahead of the FOMC meeting. Traders are expecting the Fed to start taking measures against the rising inflation. At this time, it is better to wait until the dust settled before taking any major positions in the market.

Asian & European Stock market

The Asian stock market mixed. Japan Stock market up 279.50 points (+0.96%) to 29,161.80, China stock market down 33.19 points (-0.92%) to 3,556.56 and Australia ASX 200 up 67.20 points (+0.92%) to 7,379.50. The European stock market slightly higher. DAX Germany up 0.52%, UK FTSE up 0.40%, and Euro STOXX600 up 0.27%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index mostly sideway nearing the Fed FOMC meeting this week. The result of the FOMC meeting could trigger major movement in the stock market and the global market. Traders might want to monitor closely the Fed announcement on the interest rate and the future view.

Meanwhile, the index technically might test the daily SMA 50 and find support near it.

FedEx Corp (FDX)

FDX share prices are trading inside a bullish channel. It is currently near the bottom of the channel and might bounce from it. Traders could use the moment to enter long positions with a stop below the daily SMA 200. On the upside, traders will target a new record high above $319.9.

Barrick Gold Corporation (GOLD)

GOLD share prices moving upward and managed to reach the daily SMA 200. The share prices currently trading between daily SMA 50 & 200. A consolidation might happen between both averages until breakout happens. We expect GOLD to breakout higher and start a new bullish trend.