Was the bounce real buying or just short covering? Todays big question, was the bounce real and we will build position here to take hire or was it just short covering and we will see that low get tested again and of course our third option is stay in range until FED tomorrow. Today we have important levels to keep on watch for bigger changes. To the upside we have 4400-4416 as our big resistance level, if we break and hold above can see 4440-4460-4480 and to the downside if we break and hold below 4340-4318 then we can test 4300-4270-4250 and if that gets broken then possible to see 4214-4200-4180. If the buying yesterday was just short covering then we should see more downside today and test the lows, unless we stay in range and digest the two big moves from yesterday until the Fed and then it will short direction tomorrow. Be open to all options and wait for a set up to show itself around the level, have to give it time for inventory to get too short or get trapped and sell out before you can trade it. Level to level trading works very nice.