Dow Jones posts a negative outside day reversal ahead of the Fed tonight

Yesterday the Dow Jones set another record high, when it reached 41,835. Prior to that the index had earlier set a new record opening, at 41,723, but it later handled back all those gains, when it dropped to a session low at 41,470. The index later closed 15 points lower, at 41,606. So, that was a textbook Key Day, or Outside Day Reversal and as such that is a technically negative formation. However, as noted here many times before, this does not always mean the index will have topped out, as it is inconsistent. At the same time, it would be remiss not to mention it here. Perhaps it makes sense for the US stock markets to bank gains ahead of the Fed decision this evening. That profit-taking comes, even as the majority of pundits now expect a 0.50% rate cut from the US Central Bank this evening, but there will be fireworks if such an outcome is not forthcoming. There will be more to add on the other US indexes a little later. Meantime, the Dow Jones futures are higher this morning, currently pricing an opening at around 41,685