Dow Futures Set-up-Waiting on Fed

CBOT_MINI:YM1!   E-mini Dow Jones ($5) Futures
08:45am: This week will be eventful. Fed is expected to remove the "patience" from its interest rate policy statement. If so, markets will expect a rate hike in Jun Fed meeting. This is likely to put pressure on the markets in the intermediate term as the expected rate hike, the first since 2006, will be perceived as a game changer.

If the above unfolds, USD can strengthen further and put pressure on earnings expectation of American international companies. The markets can decline if earnings are expected to be soft.

Current market support is on the uptrend line around 17500. Expecting a low volume , two sided trade, till FED announcement.

Market remains above IM cloud and thus has bullish bais. Fisher 10 is also turning up and can lead to rally, especially if a divergence develops.
For instructional purposes only.
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