A Strong Day For U.S. Stock Indices - Forex News by FX Leaders
Stocks are not exactly surging but they a crawling higher today

A Strong Day For U.S. Stock Indices

Posted Wednesday, January 30, 2019 by
Shain Vernier • 1 min read

FED day often sends shockwaves through the equity markets as traders attempt to decipher central banking rhetoric. Pre-FED action today has brought little in the way of concern as stock market bulls have controlled price action. With a few minutes to go before the FOMC issues their formal statement, the DJIA(+295), S&P 500 SPX (+22), and NASDAQ (+90) have all put in solid gains.

A Positive Day For U.S. Stock Indices: DJIA Closes In On 25,000

Perhaps the biggest story of January 2019 has been the strong showing from the U.S. stock indices. The DJIA has rallied consistently and is approaching the key psyche level of 25,000. Action in the March E-mini DOW has done the same, suggesting the outlook for stocks is bullish at least through the end of Q1.

March E-mini DOW Futures (YM), Daily Chart
March E-mini DOW Futures (YM), Daily Chart

As today’s central banking news is digested by the markets, there will be two levels on my radar for the March E-mini DOW:

  • Resistance(1): Psyche Level, 25000
  • Support(1): Bollinger MP, 24190

Overview: Thus far, it has been a pleasant session for the U.S. stock indices. Of course, that can all change when the FED issues its Interest Rate Decision. Either way, be on the lookout for enhanced volatility in the U.S. indices and have your leverage in check if you are holding any open positions.

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About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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