The futures are down during the overnight session, as I was expecting them to be. Referring to chart 1 below, yesterday's bounce brought red wave X to a completion, giving way to the next abc zigzag whose wave a  will unfold and conclude shortly after the open. However, the dip will be bought ahead of the FOMC meeting, bringing the second wave b  to a completion just in time for the announcement this afternoon.

Look out for a mini-short squeeze minutes ahead of the decision.

(Place mouse cursor over chart to enlarge)

Chart 1. The anticipated decline should unfold somewhat as sketched. 

Here's how we played the last FOMC meeting which it coincided with the December correction:

12/13/2011 - Waiting on the Wizard of Oz

Trade Well,

Peter