SPX Update: Fed Day

The market continues to move around within its recently established trading range, which has kept open both options we've previously discussed.  I've added some additional details to the familiar chart below:

Today is a Fed day, so the market is hoping the Fed comes out and says something akin to, "In light of recent geopolitical tensions and blah blah blah, we've decided to only raise rates by one millionth of a basis point to help fight inflation.  Ha ha ha.  Party on, dudes!"  And I suppose anything is possible with these [note: remember to insert more polite synonym for "clowns" here before publication!]

I should also add that, given the complex nature of the ES/SPX lows, there is at least an option for a drop back to the Feb. lows, followed by a rally back up toward 4300, followed by the "real" drop.  Just something to be aware of.

In conclusion, beyond that note, still no change to the recent chart picture, but I have included some additional zones of interest.  Trade safe.