Searching for Direction

A sharp upside reversal off opening softness this morning sees the S&P 500 working through a well-defined range in recent sessions. On the updated 30-minute chart for the SPY, actively-traded ETF of the S&P, below, the light blue lines illustrate the pattern of lower highs but higher low, including this morning's bounce off the lower support trendline. 

Beaten-down issues like FCX KMI SUNE WYNN are leading the charge, while biotechs and the Nasdaq show relative weakness, at-large. LULU continues to disappoint its many fans, as that chart has been damaged for a while now. 

I am looking to see if the SPY remains in this pattern until the FOMC next week, a scenario which could easily materialize. If beaten-down stocks are catching a breather, GPRO still has yet to receive the memo, down again this morning.