The major indices are little changed to start the trading day

The major indices are little changed to start the trading day. Of course, the FOMC rate decision will be key at 2 PM ET where the Fed is expected to cut by 50 basis points but the decision can go either way. What the Fed chair says, what the Dot plot and the projections for GDP, unemployment, PCE inflation and the price action (see Adam’s preview and my technical preview for the 3 major currency pairs).

A snapshot of the market 15 minutes into the open is showing:

• Dow industrial average -30.73 points or 0.07% at 41575
• S&P index up 2.61 points or 0.05% at 5637.19.
• NASDAQ index up 16.28 points or 0.09% at 17644.34

The small Russell 2000 is up 4.31 points or 0.20% at 2209.78

The S&P index is on a seven-day win streak. The Nasdaq had been up 6 of 7 trading days. The S&P reached a new all-time intraday record level at 5670.81. The Dow also reached a new record this week at 41835.28.

This article was written by Greg Michalowski at www.forexlive.com.