SPX: Bullish in Front of the Fed

The SPX closed a bit higher today, but is still consolidatiing in the wedge prior to Tuesday's Fed announcement. The NYSE showed some strength today as could be seen in the DOW and S&P, but the NDX and RUT showed some relative weakness. The market seems to have liked the good news from the McDonalds sales numbers (showing consumer demand) and the bad news from the labor department (increasing the likelyhood of a rate cut) to help prop up today's price action.

As always, I can't wait to see what the market has in store for us tomorrow.

SPX Daily Chart (I repositioned the downward trendline from yesterday)