Stocks Await the FOMC

Stocks are hovering at lows, establishing value in the mid 3700's. The S&P 500 is clearly waiting for the FOMC event today, so don't expect much action at open. The Kovach OBV has picked up a bit, and we have found support in the low 3700's. We appear to be forming a small bull wedge pattern with a neckline at 3758. If we do break out, we should find immediate resistance in the 3800's, starting at 3792, however another dump could take us back to lows at 3694.