The market awaits The Fed result

Yesterday, the stock market trade on the positive side after the tech rout last week. The Fed FOMC meeting is under focus today. Once again the central bank will decide interest-rate and announce the future projection. We might not see any change in the interest-rate but will observe the Fed policy to support the market.

The Fed might stay dovish on the market and allow relaxed monetary policies that will support the stock market.

Asian & European Stock market

The Asian stock market traded mixed. Japan stock market up 20.64 points (+0.09%) to 23,475.53, China stock market down 11.76 points (-0.36%) to 3,283.92 and Australia ASX 200 up 61.30 points (+1.04%) to 5,956.10. The European stock also mixed. DAX Germany down 0.04%, FTSE UK down 0.13%, Euro STOXX 600 up 0.33%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index opened higher yesterday and adding more gains after the trading open. However, the index bullish movement slowed and reversed. At the end of the day, the index closed near the Monday closing level or near 28,000. Today, there is bullish pressure in the DJIA futures but we might see the same reaction as yesterday.

Lululemon (LULU)

LULU share prices made a pullback after the all-time high $399.9. It was a 20% pullback toward the current level $315.49. We might see the share prices find support near the daily SMA 100. But, if the share prices continue lower then traders could use the daily SMA 200 as a reference level to enter long positions.