Today's Trading Plan: A Fed Hangover

Technical Outlook:

S&P 500 (SPX) continues to trade in an up/down/up/down pattern for the past 10 trading sessions.
This has only happened eleven other times since the 1920's.
SPX hit 13 times late last year.
Volume on SPY increased slightly yesterday for a second straight day and almost closed at recent averages.
Oil continues to drop - as it is slightly down again this morning, and broke below the Fibonacci 50% retracement level. The big question becomes as it tracks lower towards the February lows, is when does this start negatively affecting stocks like we saw back in December/January.
SPX is trading in a very tight range for the past 10 trading sessions and unable to break out of its current trading range. Even with the FOMC Statement yesterday, the impact was minimal.
Nasdaq (COMP) and Russell (RUT) continue to trend higher and break out of their current ranges while the Dow Jones Industrial Average (DJI) continues to show signs of rolling over.
SPX trading range continues to come in incredibly choppy. Two price levels to watch that will signify further weakness in the market is 2059 and 2055.
Interestingly enough over the past month you are finally starting to see a bend in the 200-day moving average to the upside. For much of the year it has been flat.
Very bearish candles on the VIX continue to be formed right at the critical 13 price point.
Facebook (FB) came in strong last night on its earnings report but has pulled back some from its initial highs.
At this point, and with the election ahead, I'd expect the market to keep rallying higher. I don't expect there to be a rate hike between now and the election. To do so would impact the market and thereby the election. I don't think the Fed wants that, particularly since Trump has indicated that he would replace Yellen.