Chat with us, powered by LiveChatTraders Await Fed Monetary Policy Decision and CPI Report

Traders Await Fed Monetary Policy Decision and CPI Report

Traders Await Fed Monetary Policy Decision and CPI Report

Traders Await Fed Monetary Policy Decision and CPI Report

On Tuesday, US futures showed a decline of approximately 0.3%, following the previous session's record highs for both the S&P 500 and the Nasdaq. Market sentiment leans towards caution, with traders refraining from significant bets as the two-day FOMC meeting commences. The Federal Reserve is poised to announce its monetary policy decision tomorrow, with traders eagerly anticipating clues regarding the timing of the first interest rate cut. Additionally, the release of the crucial CPI report is scheduled for tomorrow. On the corporate front, Apple shares experienced a 0.2% decline in premarket trading following the underwhelming reception of the company's new AI system by investors. Other tech giants such as Microsoft (-0.3%), Nvidia (-0.3%), Amazon (-0.1%), and Meta (-0.2%) also showed declines. In contrast, Eli Lilly saw an increase of about 2% before the opening bell after the FDA confirmed the effectiveness of its Alzheimer’s treatment, donanemab.

The Nasdaq, which has been consolidating for some time, has its first support level at 19000. Below this level, attention should be paid to 18950 and 18800 in succession. In upward movements, the initial resistance level appears at 19150, a level the Nasdaq has attempted to surpass three times without success. Above this level, 19400 and 19600 are resistance levels that may hold the price.

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

19,600

19,400

19,150

19,000

18,950

18,800

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