From an opex / FOMC turning point view - there is no clear analog or pattern here.
Yesterday, could be the post opex low like March 2010, though the pullback and the was pretty brief and failed to have a single solidly down day to scare people (though obviously the o/n gap on Monday did its work)
Alternatively, this could just be part of the reflexive pre FOMC bounce and there is more down to come - we have seen this in the Aug 2012 and Sep 2011 FOMC meeting periods.
I must admit that the Thursday high and pullback till yesterday is a rare, but understandable pattern, but doing it right before FOMC is something that I have not found occurring previously. The rule of thumb is that a top prior to FOMC is generally a MAJOR TOP...
I will be able to provide a clearer view of what history might suggest tomorrow morning - sorry about that.
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The March FOMC statement is out.
The Committee notes that fiscal policy has become somewhat more restrictive, but maintains its $85 billion per month pace of bond buying.
In short, current monetary policy stimulus remains full speed ahead.
•*FED SEES ECONOMY RETURNING TO MODERATE GROWTH AFTER Q4 PAUSE
•*FED CONTINUES TO SEE DOWNSIDE RISKS TO ECONOMIC OUTLOOK
•*FED MAINTAINS $85 BILLION MONTHLY PACE OF BOND BUYING
•*FED SAYS FISCAL POLICY HAS BECOME SOMEWHAT MORE RESTRICTIVE
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.