If I put my fundie outlook thinking aside and look only at the S&P 500 chart (cash), I would conclude that two consecutive closes over 1410 would signal that the "correction" is over. Even though we are in no man's land with no clear support and have a system of lower lows & lower highs, that event would break the pattern, creating a "W" pattern. Then first support would be 1410 and second support would be the 1370-1390 range.
This reminds me a little of the fall of 2005, when we broke down hard after Katrina in October. Then suddenly we started to move up [albeit, on incorrect expectations of a Fed ease in that case]. A good rally occurred. I remember disbelieving it, but turned around when a similar chart event occurred. We could be repeating that situation.
Just thinking. I suppose my expectations in the prior post of Fed "balanced" risk could be misinterpreted by the beefers as a similar signal of a Fed rate cut. And a rally could occur. Maybe my thinking in the prior post re expectations of market response to the expected statement were wrong. If the beefers incorrectly this such a statement means a Fed rate cut, they'll take the market up.
I will wait for the trend to show itself in the charts.