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. Tomorrow could end up being very quiet for the markets at least until the FOMC decision on interest rates due out around 2:15 p.m. Wednesday afternoon. Of course after the decision is released stocks tend to be volatile and the first post-fed move by stocks is often reversed later.
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.