Ahead of the Fed, What Next for the e-SPU?

As we await the FOMC release of its most recent policy statement, we see that the e-SPU initially knee-jerked to the upside in reaction to this morning's ADP and GDP data, but has since relinquished its gains and then some, as the index presses into negative territory ahead of the Fed.

Purely from a near-term technical perspective, the upmove from last Friday's low at 1670.50 into this morning's high at 1692.75 looks like a completed minor-recovery rally effort within a larger sideways or toppy pattern.

If my perception of the developing toppy pattern proves accurate, then the reaction to the FOMC statement should be down, and should press the index beneath 1670.50 to "lock-in" the near-term top, and to trigger projections to 1645/40 thereafter.