U.S stock market flat as traders prepare for the Fed FOMC meeting

DJIA futures trading up 13 points not far from the zero level as traders assess the market situation after failed First Republic Bank sold to JP Morgan. This week, traders will focus mostly on the Fed FOMC meeting which means the stock market movement might be sideway before the event. Will the stock market extend the bullish trend after the FOMC meeting? Alternatively, will it start moving lower again after the Fed confirm further rate-hike?

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA made a bullish close near the trendline which could confirm a breakout above it. The index’s next direction might depend on the reaction after the Fed FOMC meeting this week. If the index could extend the bullish movement then traders will expect a bullish continuation. Meanwhile, failure to continue the bullish movement will bring the index back to consolidation between the daily SMA 200 and the trendline.

Royal Caribbean Group (RCL)

RCL share prices have been in a consolidation phase since mid of March. The share prices look ready to break from the consolidation phase and continue the bullish movement. We could see a significant bullish movement last week which printed a new high above the consolidation range. If the share prices could extend the bullish movement this week then we will see upward movement toward $70.00 and $75.00 levels.