The Dow Jones Industrial Average (DJI) is looking at a sixth straight win, with futures on the blue-chip barometer pointing solidly higher ahead of the bell. Investor sentiment remains strong leading into this afternoon's policy update from the Federal Open Market Committee (FOMC). Wall Street is speculating the Fed will replace the expiring Operation Twist program with a fresh round of Treasury purchases.

Meanwhile, "We broke the top side of the recent range on the S&P 500 Index (SPX) yesterday, so 1,425 should now be support, with 1,440 and 1,460 as resistance overhead," said Schaeffer's Senior Trading Analyst Bryan Sapp. "I'm also watching the $520-$560 range on Apple (NASDAQ:AAPL). "

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Futures on the Dow Jones Industrial Average are more than 54 points above fair value.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 804,092 call contracts traded on Tuesday, compared to 476,050 put contracts. The resultant single-session put/call ratio fell to 0.59, while the 21-day moving average dropped to 0.66.

From the Trading Floor

Sapp will also "have a close eye on the SPDR Gold Trust (NYSEARCA:GLD) today. I was pretty amazed to see GLD lower yesterday amid the broad-market surge. Additionally, GLD often moves higher heading into Fed days, so it was a bit odd in that respect. There are modest expectations for further mention of stimulus at today's Fed meeting, so any word of it could spark a big rally."

Currencies and Commodities

• The U.S. dollar index is down 0.1% ahead of the bell, with the currency hovering just below the $80 mark.
• Crude oil is looking to extend Tuesday's positive price action, with the front-month contract up 0.7% at $86.38 per barrel.
• Gold futures are also pointed higher, with the malleable metal tacking on 0.3% to trade at $1,715.10 an ounce.

Earnings and Economic Data

Import and export prices will hit the Street today, along with the Treasury budget and the regularly scheduled crude inventories report. Also, the FOMC will reveal its latest interest-rate decision at 12:30 p.m. ET, while Fed Chairman Ben Bernanke will hold a press conference at 2:15 p.m. ET. Companies stepping up to the earnings plate include Costco Wholesale (COST) and Joy Global (JOY).