Indices Trade Mixed Prior to Fed's Decision

Dow, NASDAQ, and S&P 500 trade mixed in anticipation of the Fed's monetary policy decision and Jerome Powell's press conference today.

Yesterday, the American indices dropped a bit. All three of them finished the session below their Pivot Points. However, the S&P 500 set the new all-time high earlier, in the morning. Today, the indices are showing mixed sentiment, but the volatility is rather low. From the data front, all eyes will be focused on the Fed meeting.

There is some disagreement in the market as to whether there will be hints of an earlier slowdown in QE or not. Heightened inflation in May and actions by other central banks suggest that the Fed should use hawkish rhetoric, but the weak labor market report for two months in a row is a strong counterargument. Anyway, let's start the analysis, S&P 500 first:

S&P 500

The S&P 500 went down a bit yesterday. First, the price rose above the R1 resistance level and set the new all-time high. Then it dropped and tested the S1 support level. After that, it went up a bit, but the index finished the day slightly below the Pivot Point. Today, the S&P 500 is showing mixed sentiment, but the volatility is rather low. If the buyers show their strength once again, the price might even reach the R1 today. But if the bears take control over the market, the price could fall to the S1.

NASDAQ 100

NASDAQ 100 also went down yesterday. The price finished the session slightly above the S1 support level. Today, it is showing mixed sentiment, but the volatility is rather low. If the buyers show their strength, the price might even reach the R1 resistance level today. But if the bears take control over the market, the price could drop below the S1.

Dow Jones Industrial Average

The DJIA index dropped a bit yesterday as well. The bears tested the S1 support level, but in the late afternoon, the price managed to rise a bit and finished the day near 34,300. Today, it is showing mixed sentiment. If the buyers take control over the market, the price might rise to the EMA 200. But if the bears show their strength once again, the price could even fall to 34,000.

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