Toni Hansen writes that she is expecting Friday to be a fairly quiet day. The stock market could easily continue to hold the range.

The market is still looking range-bound. The bounce off the afternoon lows was enough to take back a nice portion of the mid-afternoon losses and this means that the pace is not yet beginning to show a favor towards breaking from one end of the range or the other.

The indices are still favoring a range heading into Wednesday.

The overall market is still rounding off intraday on the 30-minute charts, so Toni Hansen doesn't have a great bias for Tuesday since the pace within this range intraday has not yet begun to really favor one end over the other, but rather acts like it will pull back gradually with the larger range.

The S&P 500 and the Dow still appear overbought on the 120-minute charts, acting as if they want to see further corrective action into next week, while the Nasdaq is actually basing at 120-minute highs, forming the handle of a possible cup with handle on that time frame.

The market keeps teasing us on the potential for a larger correction on the monthly charts, looking exhausted on the larger weekly and monthly charts, but failing to turn around on the daily and intraday charts for more than a couple of days at a time.

Toni Hansen writes that continuation of the Fed day rally is warranted before the week is over.

In the past, a typical Fed announcement day began with a bit of upside in the morning, but over the past couple of years this has not held true as often. It's still better than a 50/50 chance though.

Earnings will again be in focus this week.

Friday will be a lighter news day for a change. The bias remains more on the bearish side on the daily charts, but intraday it's still likely to see a continuation of the choppy action that's been in place since Tuesday.