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S&P 500, Dow Jones and Nasdaq Eying Further Gains, Fed Provides Risk

S&P 500, Dow Jones and Nasdaq Eying Further Gains, Fed Provides Risk

2018-09-26 11:06:00
Justin McQueen, Analyst
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Equity Analysis and News

  • US equity futures are pointing to further gains at the Wall Street open
  • Fed rate decision poses key risk

Price

50DMA

100DMA

200DMA

RSI

IG Sentiment

Europe

FTSE 100

7512

7508

7582

7458

59

Mixed

DAX

12353

12342

12485

12484

55

Bullish

CAC 40

5495

5408

5409

5371

64

Bullish

US

S&P 500

2922

2875

2823

2757

60

Mixed

DJIA

26548

25875

25371

24977

65

Mixed

Nasdaq 100

7586

7480

7351

7060

55

-

S&P 500

S&P 500 futures are firmer heading into the Wall Street open with gains of 0.25%. Markets remain somewhat cautious ahead of the FOMC rate decision, in which the central bank is expected to raise interest rates. However, focus will be on the dot plot projections alongside the commentary within the monetary policy statement with eyes on whether the Fed drop the word “accommodative”.

The S&P 500 remains above the 2889-2899 value area, which in turn keeps the outlook modestly bullish for the index. Given the continued rise in oil prices, which are now at 4yr highs, sentiment remains supportive, suggesting that there may be a move towards 2940.

S&P 500, Dow Jones and Nasdaq Eying Further Gains, Fed Provides Risk

Dow Jones Industrial Average

Following last week’s fresh record high in the Dow Jones, the index has pulled back slightly. Support in the index is situated at 26355, in which prices above this level suggest that momentum to the upside is set to continue. Futures are pointing towards gains of 0.4%.

S&P 500, Dow Jones and Nasdaq Eying Further Gains, Fed Provides Risk

NASDAQ 100

Nasdaq 100 back above the 7540-7603 bullish value area, increasing the prospects revisiting the all-time high at 7697. However, failure to consolidate above 7603 could suggest prices may fall back towards 7390-7451 pivot area. Futures are pointing to slight gains for the Nasdaq 100.

S&P 500, Dow Jones and Nasdaq Eying Further Gains, Fed Provides Risk

KEY TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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