It's a choppy day of consolidation ahead of the Fed meeting later today, asserts Bill Baruch, president of

The PowerShares QQQ Trust Ser 1 (QQQ) and S&P 500 Trust ETF (SPY) both extended their ranges higher yesterday, with the Nasdaq (NDX) getting its nose above the overnight high. Staying constructive would mean closing above the lows of Friday.

Crude Oil (CL=F) has surrendered $103 today, with the pace of various European countries banning Russian oil still affecting the price one way or the other. China coming off of its holiday (which ends today) should bring new headlines to chew through. In the end, today is light as traders wait for the Fed meeting resolution.

Learn more about Bill Baruch at Blue Line Futures.