On Tuesday, the market etched a narrow-range,  inside day. This was not surprising, as the BIGs are waiting on tomorrow's Fed meeting for guidance on the bond-buying program and interest rates. Today, the Nasdaq gained back +14 points (+0.35%) and the S&P rose +10 points (+0.61%). 

Volume was lower than Monday's volume, but still above average on both the Nasdaq and S&P. The Nasdaq Composite managed to close north of its 50 day EMA. The Dow and S&P are still below their 50 EMAs. Advancers beat decliners by nearly 3 to 1, and up volume won over down volume by 4.5 to 1. The 52 week highs and lows were about equal.

The market is oversold, short-term, with RSI 4 is at 14 on the S&P. Today's action sets up a likely retest of the 50 EMA for the S&P, and that is where we'll find out if the bulls can manage to turn things around. The Fed's report/comments could spur a rally on Wednesday, but if the report is viewed negatively, the BIGs may continue in profit-taking mode.