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.
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.
