![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJlQlTTRPa2snsx5tD6mZ-xlYMjMXQ1AKsm3Wd3vZOK0WJYOg7PO1d4akeR0IW0GaztLtMH_nlw9PX8aNMFnzg1fgcg4ktJxRF-KqFLdA7Mz88d2AMlfHmppa5o-sXi_pZ0Hdv9SLdkDA/s400/Chart+of+SPY1.gif)
Notice that yesterday we had two important technical events. First, prices dropped (A) pretty sharply. But in the afternoon they rallied (B), making up for lost ground.
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The Fed meeting is usually a good place for the market to pause. It appears the market is taking this opportunity to do just that. Notice that prices are trading within a fairly narrow range defined by the three trend lines A, B and C. I would expect this trend to continued until the Fed releases the results of its meeting later today.