Stock futures trading upward ahead of FOMC meeting

The stock market ups and downs continued before the Fed’s FOMC meeting this week. Despite the situation, we could regard the situation sideways as traders waiting for confirmation. At the current time, the market is priced in a no rate-hike with a 99% probability. If there is no rate hike and the Fed softens its policies then the stock market could maintain bullish pressure and continue moving upward. However, if the Fed decides to maintain tight policy then we might see further weakness and choppy movement in the stock market.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index continues moving up and down in a sideways manner ahead of the Fed FOMC meeting. There is no change to the situation yet and traders will continue waiting for the release of the Fed’s interest rate. Will the index continue moving upward after the announcement? Alternatively, will it move lower, and break out below the daily SMA 200 to turn the overall trend into bearish? It is better to wait at the sideline for now.

The Trade Desk Inc (TTD)

TTD share prices managed to bounce from the daily SMA 100 in the previous bearish attempt. However, the upward movement failed to print a new higher swing high which put the situation to bearish now. In the previous bearish attempt, the share prices managed to print a new lower low. If the share prices continue the bearish movement then it will target the daily SMA 200 and attempt to print a new lower low. Nevertheless, traders will observe the triangle pattern on the daily chart. TTD might range inside the triangle while waiting for the next direction.