March 20, 2013-Stocks Attempt to Confirm Support and Continue Trend

Wall Street is on an attempt to break free of the lackluster sentiment witnessed in the past three sessions, as reflected by the U.S. index futures, which point to a higher opening on Wednesday. Although the FOMC decision is not expected to throw in any surprise, traders may look ahead for confirmation of the Fed's commitment to continue its bond buying program as long as it is warranted. The Cypriot issue is still on the radar, as the nation scrambles to put forward a Plan B that could help it to secure bailout financing, now that the bank levy proposal has fallen through. The Dow futures are moving up 40 points, while the S&P 500 futures are adding 5.50 points and the Nasdaq 100 futures are rising 15.75 points. U.S. stocks moved about in a lackluster manner on Tuesday amid apprehensions concerning the Fed decision and the Cypriot bailout plans before ending mixed. Following the conclusion of a 2-day meeting, the FOMC will release its post-meeting policy statement at 2 pm ET. Around the same time, the Fed will also release its updated economic forecasts. At 2:30 pm ET, Federal Reserve Chairman Ben Bernanke is scheduled to address a press briefing to explain the Fed decision.