ESH15 – March E-Mini S&P (Last:2098.00)

Not much of a rally if the FedThe S&Ps and the Dow went their separate ways yesterday — and what was that all about?  Since Apple moved higher with the blue chips, we’ll give bulls the slight benefit of the doubt ahead of Wednesday’s Fed-palooza.  The uptrending pattern shown projects to 2101.75, equivalent to a 220-point Dow rally, but that doesn’t seem like much if the Fed is going to renege on its quasi-pseudo-crypto, sort-of pledge to raise rates. Whatever you believe is coming, I wouldn’t bet too heavily on it ahead of the announcement. _______ UPDATE (3:44 p.m.):  Impelled by the latest drivel from the Fed, the trade-desk chimps have overshot my 2101.75 target by a few points. The so-far peak of today’s irrational exuberance occurred at 2107.75.