Ahead of the FOMC, the ES Holds Key Support

Since our first update at 8:51 AM ET, the e-SPU has climbed from 2071.25 to 2086.00, as the index once again presses to the edge of the abyss in the vicinity of 2062/61, but manages to hold on by its fingernails prior to recovering towards the middle of its multi-month range.

Now the question is whether the e-SPU is heading for a challenge of its May-June resistance line, now at 2102.75?

Regardless, the bottom line is that the bears missed another opportunity to inflict some meaningful damage to the sideways trend, which could have morphed it into a top.

Now, the bulls are back in control of near-term market direction, heading closer to Fed Time.