How Will Mr. Market React to the FOMC Minutes?

Although the Emini S&P 500 (e-SPU) gave up most of yesterday's recovery gains, my near-term pattern and momentum work is "warning" me that the recovery "rally" period is not dead yet.

Also, we still should not rule out another burst of oversold recovery-rally strength that propels the index above 1657 to 1665/70 prior to my expectation of another downleg.

Of course, today's release of the FOMC Minutes at 2:00 PM ET could and should impact the direction of the indices.

My sense is that unless the FOMC Minutes imply that the Fed Heads are considering something outside of the current discussion of tapering between Sept and Dec, the release will be a non-event, and the indices will attempt another relief rally.

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