The S&P 500 is putting stress on the idea of getting one last swing high for 'b of (iv)' into the FOMC meeting but is still alive. It is important that they rise today or will switch to the alternate where 'b of (iv)' was set on March 13th and any move up into next week will only be a bounce to form a lower high. The key hurdle to overcome this morning is 2762 SPX. If they can push over that, 2772 or 2780 SPX are in play today. On the other hand, if 2762 holds as resist, aim for 2729 SPX before much of a bounce.

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