An intraday spike down for the Nasdaq Composite ran into buying support and as the wedge pattern indicates the odds favor a breakout from the recent range.

Many key charts in the indices, sectors, and Treasury yields are displaying signs of indecisiveness.

The chart for the homebuilding sector (XHB) over the last three sessions shows a remarkable turn around for the sector.

The chart formation in the S&P shows the index entering a wedge formation and a retest of the mid-January breakout levels is to be expected soon.

The nuances of the FOMC statement pleased the equity market yesterday as a more robust economy and evidence of contained inflation seemed to outweigh the diminished chances of any easing. The bias would actually now seem to be erring on the side of a further tightening.

The Nasdaq 100 (^NDX) has traded very narrowly over the last three sessions and closed very close to the 50-day EMA. While there is little expectation of any surprises from the FOMC decision, an expanded range is expected in the coming sessions.

The S&P 500 (^SPC) produced an almost identical candlestick formation to Friday's as the index tags the 20-day EMA for another session. The underlying market appears to be churning and index traders are in a holding pattern as they await cues from the FOMC meeting.

The Russell 2000 (^RUT) has essentially moved sideways since early November, with the majority of the closes between 780 and 800. A series of slightly higher intraday highs since the beginning of December is clearly visible.

A difficult Treasury auction raised concerns about the sustainability and reliability of the assumption that foreign investors will continue to have the requisite appetite for US government securities.

One of the best performers Wednesday was the broker/dealer sector index (^XBD). There is probably no better guide to the influence of ubiquitous liquidity than the performance of the investment banks.