Today was a little disappointing. Monday's action looked like the market was finally poised to breakout past the top of the current trading range. Sadly stocks failed again. The market is likely to trade sideways tomorrow as investors wait for the FOMC decision on interest rates due out around 2:15 p.m. Wednesday afternoon.
No one expects Ben Bernanke and his crew to raise rates at this meeting so the focus will be on their comments regarding the state of the economy and their future outlook on monetary policy.
No new plays tonight. Let's see how the market reacts to the Fed news.