The market is moving sideways with stocks showing a positive bias, even as oil trades erratically today. Not only is the FOMC meeting with the much anticipated policy decision tomorrow, but the Bank of Japan will be making a policy announcement as well.  

Oil has rallied back at midday after an announcement that the Colonial pipeline, which runs from New Jersey to Houston, is expected to be back in business tomorrow.  The pipeline started leaking in Alabama earlier this month and was shut down for repairs.  Alabama and Georgia have both declared states of emergency. 

On Capitol Hill, at a Senate Committee hearing, both sides of the aisle were in lockstep in the thrashing they gave Wells Fargo’s CEO John Stumpf over his cross selling practices and the fraud it allegedly created.  Senator Elizabeth Warren was especially harsh in both rounds of her questioning and called Stumpf “gutless leadership” and for not returning bonuses or the money millions his stock appreciated as a result of these practices.  She is determined to send an executive (s) to jail, especially stump.  In Warren’s venomous spew, she told Stumpf "You should resign...You should be criminally investigated."

The indexes are sitting right at those pivotal support numbers above 18,000 for the Dow and 2100 for the S&P. Both indexes have been trading in a tightening range over the past 5 days and appear ready to make a break. From a technical perspective, it could really go either way. The NASDAQ is still holding strong, above its 50-day moving average with the best technical picture of the major indexes.