Before the Open (Sep 21)

Good morning. Happy Tuesday. Happy Fed Day.
The Asian/Pacific markets closed up, but gains were small. Europe is currently up across the board – gains are relatively small there too. Futures here in the States point towards a flat open for the cash market.
The market broke out nicely yesterday…all indexes participated. It’s definitely another step in the up direction…now we just need some follow through to confirm the move. Volume wasn’t strong, and there are several resistance levels above that need to be chipped away at. So far so good, but there’s still some work to be done. My bias remains to the upside.
The FOMC announces their overnight rate and discount rate policy at 2:15 EST today. Wall St. assumes the Fed will maintain their policy stance. Only a rate increase or language that would suggest a rate increase is coming sooner rather than later would shock the market.
Here’s the S&P daily with my upside targets. The market is once again overbought in the near term. Don’t get lazy.

headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers