Wall Street futures contracts in premarket point for a positive start in the cash market later today. The Dow Jones adds 0.34% at 26,996. The Nasdaq futures currently trading 0.33% higher at 8,062, while the S&P 500 futures trading 0.26% higher at 3,08. Investors expect the Fed to cut interest rates for 3rd time in a row even with Wall Street near record highs.
Dow futures trade higher the first day of the week ahead of Fed decision and the earnings release while keeping the bullish short term momentum. On the upside the first resistance stands at 27,002 today’s high and then at 27,080 the high from October 17th. A break above that zone will open the way for a move up to all-time highs for the futures at 27,399.
On the downside, Dow Jones futures first support stands at 26,926 today’s low and then at 26,622 the 100-day moving average, a break below might accelerate the move to the next support level at 26,157 and the 200-day moving average. The technical analysis outlook for Dow Jones is bullish and is safe for bulls as far as the index trades above 26,500.