Agnostic

Yesterday the S&P broke the developing impulse pattern that could have led to new highs. Now the odds of lower lows has risen substantially.

For today however, Fed volatility could likely probe two areas: 1796-1804 or 1760-1766.

Should the market probe lower, the level of interest to me remains 1746.20. Should that level break, it would be hard for the market to mount a melt up to new highs which was my concern.

Should 1746.20 hold, another up leg to new highs could well occur, but in my opinion would lack the ability to maintain the angle of ascent from the October lows.

If you want to see what a market looks like without central planners attempting to "manage" it at every turn, take a look at Bitcoin today. Having hit another fresh low of $455 before bouncing, it has now declined as much as 63% from its all-time high.

Once the Fed steps out of the way, the S&P can and will trade with every bit of volatility as Bitcoin.

As for the Fed decision today -- whether they taper or not -- I am agnostic.