Before the Open (Dec 14)

Good morning. Happy Tuesday. Happy Fed Day.
The Asian/Pacific markets closed mostly up – gains were small. Europe is currently mostly down – losses are small. Futures here in the States point towards a flat open for the cash market.
At 2:15 ET the FOMC announces their overnight rate policy. Currently it’s pegged between 0 & 0.25%, and this isn’t expected to change. Their statement on the other hand could move the market.
In my opinion, unless there’s a major change in their statement (very unlikely), the market is in good enough shape to shake off and absorb any declining price action the next few days. After all, they almost never change market sentiment. They may induce a temporary hiccup, but they don’t permanently change things.
Here’s the 60-min SPX chart. If by chance the market wanted to rest (it will need to rest sooner or later, even if the Fed says nice things), a drop to 1190-1200 would not destroy the uptrend.

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