The index futures will likely spend tomorrow's session testing newly occupied territory and shaking out weak-handed buyers.
There will likely be high odds for whipsaws until a trend direction is firmly established.
The market is in shakeout mode and capital will be anchored to the sidelines until the Fed decision.
Bearish crossovers at overbought levels without downward acceleration.
While the market grinds sideways or lower, avoid the chopping block.
Quick flips will produce different profit-and-loss results at year-end than a traditional buy-and-hold approach will.
Technicals are oversold after the QE3 run-up, but once that works out of the system, we'll know better what to expect.
This market should have broken during the summer, but it didn't and there are now multiple tailwinds.
With QE3, the intraday market has begun feeling free of risk and catalysts.
In this week's overbought condition, be patient and let the market come to your magic numbers.