Summer volume part of it, but in this case I really think that the market has hit the pause button while waiting to see exactly what the FOMC yields ... the market chases liquidity, and this rally in part has been fueled by the expectation of increased liquidity. Regardless of the Fed statement, I think the ultimate direction from here, at least short term, will be up. But technicals only point to probabilities and not certainties.
Narrow trading range here at the highs likely until post-FOMC at 2 PM EDT Wednesday, imo, though there is certainly room for a deeper pullback between now and then.
