The rising 5 day moving averages show the path of least resistance continues to be higher in the intermediate term. Early short sellers are learning the same lessons that the early buyers below the declining 5 DMAs learned over the last month, it doesn’t pay to fight the trend. With the Federal Reserve statement coming at 2:15PM the primary objective should be risk management and making sure you have a strategy to realize long side gains of the last week.
Where has the market come from? Large rally of the last week has not seen any real profit taking.
Where does it have the potential to go before it is likely to meet a source of supply which may slow the ascent? Current levels have been important support/resistance recently.