Less than two hours prior to the FOMC announcement, here is the big picture of the SPYââ,¬â"¢s, which shows the June-August rally peaks at 129.43 ââ,¬â€œ a very important resistance plateau, which if hurdled and sustained will argue for upside continuation towards a test of the May high at 132.80.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.