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For today, keep an eye on the Russell 2000. It looks like it wants to lead lower and this will be bad news for other indices. If there is to be a bullish surge, then the NASDAQ 100 will be the index most likely to lead out.

The S&P left another 'bull trap' in its wake but didn't give up (newer) channel support; it's still a long way from the long-standing summer channel - illustrated by the thin blue line.

The NASDAQ had already lost support prior to yesterday, but there was no acceleration to the downside.

The NASDAQ 100 started brightly and looked to have generated a solid move to challenge its bull trap before sellers pushed it back to its starting point - leaving a 'gravestone doji'. While the Russell 2000 struggled yesterday, the weak finish for the NASDAQ 100 wasn't enough to register as a support break.

While other indices haven't shown this same level of weakness it's a worrying start as Small Caps' typically lead. The slower channel remains intact so it's not a full on reversal yet.

That one-day bounce in the Russell 2000 last week is looking like a long time ago as yesterday finished with a cut below its 50-day MA. Technicals are fading fast as relative performance began a cliff fall.

Meanwhile, the New Zealand dollar rose on Wednesday as September’s business confidence index from the Australia and New Zealand Banking Group came in at -38.3, compared to the ten-year low of -50.3 in August. The NZD/USD pair last traded at 0.6675, up 0.5%. The AUD/USD pair also gained 0.3% to 0.7275.

Elsewhere, the USD/JPY pair slipped 0.05% to 112.91. U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe are due to meet later today to discuss the promotion of a bilateral trade following a round of trade negotiations.

In the trade dispute, China and the United States have made no real progress on having direct negotiations.

Wang then added that the two sides were set to have four rounds of talks but the U.S. went back on what they had agreed.

Global trade tension remained in focus as China’s Vice Commerce Minister Wang Shouwen said Beijing would resume trade talks only if the U.S. show sincerity and not put a knife at China’s throat.

The U.S. dollar index, which tracks the greenback against a basket of other currencies, was unchanged at 93.73 by 11:01PM ET (03:01 GMT). The index has slipped around 3% since August.

As well as an interest rate decision, the Federal Reserve will also serve up its summary of economic projections, outlining policymakers' expectations on economic growth, inflation and unemployment.

The Fed is widely expected to hike interest rates later in the day. Markets also anticipate another rate hike before the year end, although the outlook for 2019 is less clear, according to analysts.

The U.S. Dollar was unchanged on Wednesday as markets awaited the conclusion of the Federal Reserve’s latest meeting, while the New Zealand Dollar jumped against the dollar on a better-than-expected business confidence report.

Dollar Unchanged Ahead of Fed Meeting, New Zealand Dollar Jumps

The dollar slipped after Beijing announced on Tuesday retaliatory tariffs that targeted more than 5,000 U.S. products worth $60 billion. The new tariffs would take effect on Sep 24, China’s Ministry of Finance said in a statement. The country’s commerce ministry also filed a complaint to the World Trade Organization (WTO) against the U.S., according to reports.

The US Dollar Index, which tracks the greenback against a basket of other currencies, was down 0.07% at 94.16 by 12:26AM ET (04:26 GMT).

The U.S. dollar slipped, while the Japanese yen hovered near a two-month low on Wednesday as investors digested the latest trade news.

dollar slipped after Beijing announced on Tuesday retaliatory tariffs that targeted more than 5,000 U.S. products worth $60 billion. The new tariffs would take effect on Sep 24, China’s Ministry of Finance said in a statement. The country’s commerce ministry also filed a complaint to the World Trade Organization (WTO) against the U.S., according to reports.

US Dollar Index, which tracks the greenback against a basket of other currencies, was down 0.07% at 94.16 by 12:26AM ET (04:26 GMT).