U.S stock futures slightly lower before FOMC meeting

The Fed FOMC meeting is the main event to watch in today’s trading session. The Fed might attempt to cool the market and assure that the inflation is under control while the Fed backs policies to help economic recovery. Assessing the current situation, labor market dismal, supply chain disruption, rising inflation, and other central banks increasing interest-rate are the factors the Fed watch.

There are a lot of uncertainties and traders might want to stay cautious ahead of the meeting.

Technical Analysis

Dow Jones Industrial Average (INDU)

The DJIA index continue printing new record high before the Fed FOMC meeting today. It seems the market moving on the earnings results and putting behind what the Fed will do. There are a lot of uncertainties today as economic data show mixed number while inflation data keep moving higher.

Technically, traders will let the index continue moving upward and wait for a bearish correction to add long positions in stocks.

Alcoa Corporation (AA)

AA share prices made a bearish correction from the $57.57 high and currently trading near a horizontal area and the daily SMA 50. If the share prices could bounce from the current level then the bullish trend is set to continue. Traders could place long positions with stops below the daily SMA 100.

Starbucks Corp (SBUX)

SBUX broke below the daily SMA 200 and gapped down after the latest earnings report. The share prices currently make a bullish correction toward the daily SMA 200. If there is a major bearish reversal pattern from the averages then traders might want to stay out of long positions and switch to short.