The S&P 500 managed to fill the April 5th gap yesterday but couldn't advance past which makes sense considering that the FOMC minutes will be released later today at 14:00. Equity futures pulled back from that area overnight and should cause the SPX to open near 2632 this morning. It would not be unusual for the market to be under some pressure this morning, perhaps even testing 2622 but by late morning should stabilize and even bounce a bit before 14:00. If the FOMC minutes don't sound too hawkish, the rally should push past the recent highs and work on filling the next overhead gap. If is sounds like the Fed is planning to be very aggressive in raising rates, then a push toward 2584 SPX and lower to 2573 SPX is on the table for late today and early tomorrow.

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