All attention toward The Fed

The stock market moving as if without fear toward The Fed. It seems everyone priced-in the possibility The Fed will announce no rate-hike followed by a dovish remark. However, if the central bank decides to do otherwise, we should see sharp movement in the global market.

At the current time, there might be little change until the announcement of interest-rate.

Asian & European Stock market

Asian stock market slip today. Japan stock market down 17.65  points (-0.08%) to 21,566.85, China Shanghai Composite down 5.44 points (-0.18%) to 3,090.98, and Australia ASX 200 down 5.70 points (-0.09%) to 6,184.80. European stock market take a step higher. DAX Germany up 0.88%, UK FTSE up 0.40%, Euro STOXX600 up 0.69%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA notch another gain in a previous trading day. The index is on track to test 26,000 as The Fed interest-rate decision loom. Traders and investors seem betting on dovish Fed and to accumulate positions in equity. We might see breakout higher if the Fed releases a more dovish statement. However, it is safer to stay sideline without breakout above 26,000.

Jabil Inc (JBL)

JLB has a break and bounces setup from the daily SMA 200 on its daily chart. The price has bounced at the first attempt, however, it lost momentum and turn lower to make another test. Traders could watch for a bounce on the second attempt. Long position with a stop below SMA 100 might be the options traders could take.

Loews Corp (L)

L might be in a bearish trend, trading below the daily SMA 200. However, there is evidence that the bull is present and pressuring the resistance SMA 200. We have three consecutive tests at the averages which resulted in rejection. Currently, the share prices supported by SMA 50 & 100. If the situation continues then we could expect a breakout above the SMA 200 followed by a bullish movement toward $50.00. Safest position to consider is a long position from SMA 200 when retest happen.