Live Markets-The Dow tests a key line in the sand ahead of Fed decision

E-mini Dow futures YMcv1 were slightly firmer on Wednesday, helped by softer oil prices as investors await the Federal Reserve's policy decision. With Treasury yields remaining elevated, inflation still a concern and tensions in the Middle East weighing on sentiment, the Fed's announcement could play a major role in determining the market's next move.

From a technical perspective, all eyes are on the rising 100-day moving average, which ended Tuesday near 51,782. The Dow has not closed below that level since April 10, making it a key line in the sand for bulls. Just beneath it sits another notable support level: the July 23 low of 51,542.06.

If buyers regain the upper hand, the first hurdle is the September 14 high at 52,750.88. Beyond that, the Dow would need to reclaim its 50-day moving average, which finished Tuesday near 52,938. A close back above those levels would suggest the recent weakness may be losing momentum.

On the downside, a break below the July 23 low could signal that a deeper selloff is taking shape. In that scenario, focus could shift toward the February 10 high at 50,512.79 and the rising 200-day moving average, now sitting just above the 50,000 mark.

The Dow's .DJI retreat from its August 5 record highs is becoming harder for investors to ignore. The blue-chip index is heading toward its fifth weekly decline in the past six weeks and is at risk of snapping a five-month winning streak.

Tuesday's trading underscored the market's cautious mood. The Dow briefly fell to 51,875.65, testing an important support area, before paring some of its losses by the closing bell. Still, the index ended the day down 0.63% at 52,093.11. That leaves it 4.15% below its record close of 54,349.12 and 4.84% below its all-time intraday high of 54,744.33, both reached on August 5.