US Indices ended marginally higher as investors await the Fed’s two day monetary policy meeting that begins today. The Dow Index made a modest rise of 0.25% as Boeing, the index’s largest weighted component, made further declines and remains a cause for the index’s underperformance. Though US equities continue to derive support from the Fed’s dovish stance as interest rates are expected to remain unchanged, market participants will be seeking clues on the US’s economic outlook and prospects of future monetary policy while US-China trade headlines remain monitored.
The Dow index was pressured early Monday before it rose to end at 25914. The index continues to form a series of higher highs as it treads above the 20-period MA which has crossed over the longer 100-period MA now acting as dynamic support at the 25800 level. Bullish price action persists as the index looks to surpass the psychological resistance at 26000 to target resistance at 26080, unless we see a move below the support at 25760.
Support: 25820 / 25760
Resistance: 26080/ 26170