Quick Snapshot of the S&P
We've tested the 1300 on the S&P, and so far, it has been met with some rejection. In fact if you look at the S&P ETF (SPY) the high of the day is 129.99, which coincides nicely with the S&P index highs of 1299.44. The FOMC Statement that comes out at 2:15pm EST makes for an interesting scenario where, you have a ramp up similar to what we saw prior to the last FOMC Statement release, and a critical milestone at 1300 that the S&P has yet to break through.
Looking at a 20-day intra-day chart using 30 minute candles on the S&P, you'll see that we have broken out of the downtrend we had been in for the better part of a week or so and now hitting new highs on the S&P. So as it stands now the bears are looking like they got suckered into another head-fake on this almost 23 month bull rally.
Here's the S&P 500 Intra-Day Chart.