Stocks are drifting upward, but this is typical in the presence of a vacuum zone. It is rare to see any significant moves before an FOMC event unless something got leaked. The rates and forward guidance should be priced in already. As we discussed before the S&P is likely to remain bound by 3427, at least before the event. The Kovach OBV is trekking up but at a lackluster pace. Watch for resistance at 3427, and a potential retracement into the event. The Fed is highly likely to come across as dovish, so it is difficult to find any reason to short of stocks, just wait to verify that their statements are aligned with expectations, before pulling the trigger.

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