The Federal Open Market Committee (FOMC), the part of the Fed that makes interest rate decisions, is looking to raise rates further in 2018. The fed also cited a rosier growth forecast, although there was some concerns of imbalances due to market forces (probably referring to credit that leaked into the crypto markets). In any case, the S&P500 has been recovering sharply since the dip a couple of weeks ago. Even during the 2/21 session, the market was mostly bullish, until the release of the Fed minutes.S&P500 1H Chart(click to enlarge)Fed Minutes Stall Recovery:- Looking a the 1H chart, we can see that the recovery since hitting $2540 has been sharp.- However, as price stalls under the 200-hour simple moving average (SMA), the Fed minutes added to the pressure at this level.- IF $SPX falls below $2700, we would likely be witnessing a double dip back towards $2540.- A more bearish scenario would be an ABC correction shown in the daily chart below, where a C-wave can be projected to almost $2425. - The $2400-2425 area is actually a previous support, suggesting there could be buyers around this price.- The $2480-$2500 area is also a support/resistance pivot we should monitor for support. - Again, the bearish scenario opens up if the SPX closes below 2700 this week.