US30 (Bullish Area...OR still)

Futures tracking Wall Street's main indexes remained subdued on Tuesday as investors awaited the Federal Reserve's interest rate decision and closely monitored earnings updates.

The Federal Reserve Open Market Committee (FOMC) will commence its two-day meeting later today, with markets focused on both the interest rate verdict and Chair Jerome Powell's statements.

Money markets largely anticipate the central bank to maintain interest rates during this meeting. Currently, they are pricing in approximately 35 basis points of rate cuts for the year, a decrease from the 150 bps estimated at the beginning of 2024, according to LSEG data.

Technically:

The price is currently trading within a bullish zone, having established stability above the pivot line at 38320. Consequently, there exists a potential for further upward movement towards levels of 38480 and 38590, particularly influenced by earnings data.

However, should stability falter and the price persist below the threshold of 38310, it may decline towards levels of 38225 and 38065.

Pivot line: 38320
Resistance Prices: 38480, 38565, 38820
Support Prices: 38110, 37870, 37690

The movement range will be between support 38065 and Resistance 38565