A Strong Day For U.S. Stock Indices
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.
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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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