Despite all of the fears and jitters that come with an FOMC day, the 5-minute SPY chart below indicates a fairly calm day. We had a gap-up which did not get faded, instead basing sideways ever since. The post-FOMC pop has come in. But as we work through the final hour it is tough to be too bearish, just yet.
As has been the case throughout 2013, the bears must discharge that burden of proof. Not the other way around.
______________________________
