The Dow fell from its record high and snapped a seven-day winning streak on Tuesday ahead the Federal Reserve’s upcoming policy announcement.

The S&P 500 slipped 0.2% after setting a record high intraday and finished at 3,962.71.

The S&P 500 and Dow are still close to record highs, but there’s growing concern among investors that interest rates may continue to climb, snuffing out the comeback for equities. The market fell to its session lows when the benchmark 10-year Treasury yield briefly rose above 1.62% in afternoon trading.

Traders will get more guidance from the Federal Reserve on rates and inflation on Wednesday. The central bank kicks off its two-day meeting on Tuesday, followed by a statement and briefing from Chairman Jerome Powell the following day.

February retail sales fell by more than expected, down 3%, data released Tuesday showed, reflecting in part a month marked by severe weather across the United States. However, January’s retail sales figures was revised upward to a 7.6% jump from a 5.3% increase, so the markets largely ignored the number.

Plan A : Long if market supported firm above 3953. Targets are 3969, 3985 and 4001.

Plan B : Short if market failed to support above 3953. Targets are 3927, 3904 and 3878.
 

U.S. stock futures dipped early Wednesday as investors await the outcome from the Federal Reserve’s two-day policy meeting and comments from Fed Chair Jerome Powell later in the day.

The tech-heavy Nasdaq Composite clung to a gain of about 0.1% to close at 13,471.57. The Nasdaq Composite was the relative outperformer, rising 0.09% as Facebook, Amazon, Apple, Netflix and Google-parent Alphabet all registered gains. The technology-heavy index was up more than 1% at one point in the session.

On Wednesday, the Fed will release new economic and interest rate forecasts, which could indicate Fed officials expect to raise rates by, or even before, 2023. The central bank is expected to acknowledge stronger growth, which should put the Fed’s easy policies in the spotlight, especially given the new $1.9 trillion in federal stimulus spending.

Investors will also hear from Fed Chair Powell, who is likely to rock the stock and bond market with his commentary, despite being unlikely to offer specifics.

Plan A : Long if market supported firm above 13156. Targets are 13188, 13216 and 13248.

Plan B : Short if market failed to support above 13156. Targets are 13116, 13078 and 13031.
 

Plan A : Remain buy as long as oil price trades firmly above 64.6. Targets are 65.6 and 66.4

Plan B : Consider short only if oil price surges but fails to breach above 65.6. Targets are 64.6 and 64.1.