It’s been a quiet start to FED week, with the U.S. indices trading sideways. For the first hour of trade, the DJIA DOW (+22), S&P 500 SPX (-9), and NASDAQ (-71) are mixed. At least for the time being, equities players are content to ease into the action.

Today’s economic calendar for the U.S. session is limited. Aside from the weekly short-term T-bill auctions, there isn’t a whole lot scheduled. More earnings reports are due out, led by Apple. For the U.S. indices, it may turn out to be a quiet session.

U.S. Indices Range-Bound To Start The Week

September E-mini DOW futures are in a tight holding pattern to kick off FED week. While this market is capable of opening up at any time, trade is tight and participation limited.

Here are a few levels to watch for the near future:

• Resistance(1): Swing High, 27396
• Support(1): 38% Current Wave Retracement, 27114
• Support(2): Daily SMA, 26976

Overview: At this point, the U.S. indices continue to trade in long-term bullish territory. Prices are in the vicinity of all-time highs and this summer’s daily uptrend remains intact.

It is an obvious point, but Jerome Powell and actions from the FED are going to dominate the markets throughout the week. If the expected rate cuts come to fruition, the U.S. indices may be set up for an extended rally; if not, a significant correction is certainly possible. Ultimately, only time will tell.