As expected, the trading chop is likely to continue until the announcement at 12.30pm. Remember, we have the Bernanke himself doing a press conference at 2.15pm - that will of course be covered on all the usual clown networks.
sp'15min
sp'60min
Summary
Are you getting excited yet? I remain suspicious that the market will make at least some sort of attempt to break yesterdays high of 1363.
If this occurs just after the FOMC decision, we could see a brief spike (as bears get stopped out) to as high as 1370/75. Unless we see Fed 'balance sheet expansion', with QE3...I will short the main indexes.
yours..
awaiting the Bernanke