Greeting the news optimistically.

Gradual firming has become obvious rally.

This morning’s First Trade blog post pointed out the market’s seeming desire to greet this afternoon’s FOMC events optimistically. In fact, after the morning inched slightly higher and slightly higher from 1981.00 to 1986.00 and then to 1988.00, the noon hour’s exit has surged up to 1994.00.

So, this afternoon’s 1988.25 bias-up has triggered, and its 1995.00 bias-up target is in-play. That’s 1 point from the rally’s next higher objective above yesterday’s 1977.00 and 1985.00 targets at 1996.00.

Where the rally into yesterday’s high was probably more option expiration mechanics than optimistic sentiment, today’s extension can become extended more easily. Don’t forget that there’s the 2:00pm policy statement, and then the 2:30 Q&A with Yellen.