Just ahead of the FOMC rate hike and possible policy re-statement, the S&P e-mini continues to bide time, but right at the high of the session near 1271.50, which also happens to represent the coordinate of the minor resistance line off of the December 6 high.  If the reaction to the FOMC statement pops the index to the upside, we should expect an immediate spike that tests - and possibly hurdles - the prior rally peak (12/12) at 1273.75.  Conversely, if the knee-jerk reaction is to the downside, we should expect a down-spike that tests and breaks 1267.75 on the way to a test of the minor support line that cuts across the price axis at 1264.50/25.

MJP 12/13/05