SP Futures Hourly Chart at 3:30 PM

The theme for this week is Fed Watch for Wednesday afternoon, and an advance look at 4Q GDP on Friday, with earnings before and after the bell all week.

The bulls are working that bottom formation and it will run if they get the breakout. Notice the failure of a similar pattern about a week ago.

This can go either way. It may not give a clear signal until after the FOMC decision, unless 'something happens.'