Perspective Before the Ride Begins

In front of the FOMC announcement, member forecasts, and Chair Yellen's presser, note the small caps in the Russell 2000 Index, seen the IWM ETF hourly chart below, are hovering right near the breakdown level (yellow arrows) of that diamond topping pattern (light blue lines) that we had previously observed. It is likely no coincidence that the market is at a critical level headed into a widely-watched event, almost to create the illusion that the even may mean more than it actually does in lieu of this technical significance. Weakness down away from this level likely portends a quality short entry, while bulls are playing for their usually post-Fed squeeze and surge higher to negate technical damage. For those reasons, and not because of the Fed, I am looking to play the reaction rather than front-run this afternoon's events.