Tepid Tuesday brought very little in the way of range and movement. A very digestive day with neutral market breadth throughout the day helped to maintain the slow undecided tone. Following a trend day down and ahead of the FOMC meeting we were given about what was expected on the day. The TRIN closed at .62 and the VIX at 30.58 also a very narrow range. Gold closed up $3.70 at $924.70 and oil up $1.75 at $69.25 a barrel.

The SPX and Dow still sit on the 200dma and 50dma's which have converged to be a big line now. The Nas 100 and Nas Composite sit over the 50dma still, but the longer we sit in this range the closer the 10dma and 20dema are becoming and winding over us. Still not seeing those ma's cross down, but they are narrowing and angled down. Stochastics, CCI, RSI and MACD on each broader market is sitting quiet and not really doing much for us following today's small range. Leaving us waiting on the Fed's statement Wednesday afternoon. I will expect a quiet globex session and quiet into the opening. The positioning ahead of Fed's statement should start to shake the market through lunch and the afternoon will let us move. I'm not expecting a huge reaction, just some decision from the market and direction.

Economic data for the week (underlined means more likely to be a mkt mover):

Wednesday 8:30 Core Durable Goods Orders , 8:30 Durable Goods Orders, 10:00 New Home Sales , 10:30 Crude Oil Inventories, 2:15 FOMC Statement , Thursday 8:30 Unemployment Claims, 8:30 Final GDP, 8:30 Final GDP Price Index, 10:00 Fed Chairman Bernanke Testifies, 10:30 Natural Gas Storage, Friday 8:30 Core PCE Price index , 8:30 Personal Spending , 8:30 Personal Income , 9:55 Revised UoM Consumer Sentiment , 9:55 Revised UoM Inflation Expectations

Some earnings for the week (keep in mind companies can change last minute:

Wednesday pre market MON, RAD and after the bell COMS, BBBY, NKE, RHT. Thursday pre market LEN, MKC and after the bell FINL, MU, PALM, SMSC. Friday pre market AZZ, KBH and nothing after the bell.

ES (S&P 500 e-mini)

Wednesday's pivot 889.50, weekly pivot 918, monthly pivot 904.50. Intraday support: 887.75-886.25, 881, 879.50, 876.25, 873.75, 869.50, 864.75, 859 (Mays low). Resistance: 893.25, 899, 903.75, 907.75-908.25, 910.75 Friday's low, 914.75, 919.75

NQ (Nas 100 e-mini)

Wednesday's pivot 1422.25, weekly pivot 1462.25, monthly 1405.50. Support: 1419.25, 1415.50, 1412, 1405.25-1403.75, 1400.50, 1391.25-1389.50. Resistance: 1429.25, 1436.75, 1444.50, 1452, 1457.75, 1462.75, 1466 fills ga