Review

Overnight

Rallied higher with Asia and Europe, range currently 2059.75-73.25.

Plan

As per yesterday, holding above or below the slightly adjusted bull/bear zone will be key to my short term bias. (2071.50-73.25)

FOMC later - expecting increased volatility and keeping a close eye on bonds and the dollar. Rate rise is not expected and would be a major surprise to market. Yellen's speech and guidance key for directional bias post announcement.

The market has got very short going into the meeting,which potentially leaves a lot of buying to cover should we get a dovish statement.

On the downside, there's a poor low from yesterday and the composite VPOC at 2042 as main target below there. Above, the bull/bear, the market could easily rally back towards 2100 if there's a short covering scramble post announcement.