The markets finally broke out and over the 850-860 level today and they didn't even wait on the Fed to do it. Now the next battle begins. A break back below 850 would negate the bullish action that occurred today. I don't think that's likely to happen but you never know. Higher should be the direction for now, but nothings ever quite that simple.

There's something jumping off the charts at me and it's this....a symmetrical triangle on a daily chart. That would be a continuation pattern in the direction of the prior trend, in this case down!

The last top would be put in at about 920. A break above that level could negate the pattern...a break below the bottom trend line would activate the pattern. It should be clear sailing at least to that level. At that point, however, it's going to get real interesting. 

I apologize that the chart I had didn't insert below. Run $SPX on a daily chart and you'll see the pattern.