If the old saying 'don't short a dull market' is correct we have some upside coming. This is very dull action with the indices trading close to flat breadth slightly positive and few pockets of momentum. There are a few things working but it is slow out there.
This is not unusual action in front of a Fed interest rate decision and, quite often, the dull action does lead to some good moves once the news is released. It is important not to read anything into the random and slow action while we wait for the news to hit at 2 pm ET.
The tone of the trading is slow but it is positive and there isn't any indication that market players are trying to find a reason to exit.
I expect to see some whipsaws on the FOMC announcement but the market already is expecting increased hawkishness so any major dip should find buyers pretty fast. Technically the indices are at risk for some consolidation but I don't expect a major top on a Fed decision.