The Fed said it planned to let inflation run past 2% for some time and will not consider changes to rates or bond purchases until significant improvement in the labor market is demonstrated. Wall Street cheered and the Dow Jones Industrial spiked above 33000 for the first time ever. Meanwhile the 10-year Treasury yield climbed to 1.686% before closing at 1.645%. Today, Dow futures are trading 100 points higher with the minor uptrend reaffirmed after buyers took out the previous record high. A sustained move over 33200 will indicate the buying is getting stronger and trigger an acceleration to the upside, while a move below 32990 or the 50-period moving average will signal a shift in momentum with 32725 as next support and target ahead of the latest US jobless claims data due at 1230 GMT.
Support: 33000 / 32892 – 32800
Resistance: 33200 / 33300
