I'm using the 30 minute chart because it is the easiest to see, but this Bullish Island reversal pattern is valid from the daily chart all the way down to the 1 minute chart.
This is a bullish pattern that doesn't develop often, but when it does, often markets the bottom to a recent sell-off, or the top of a recent rally. With the FOMC tomorrow, that can obviously change things, but I doubt the Fed wants to do much to add fuel to the fire that has already been created from the realization that they'll will be in fact raising rates this time. As a result, I wouldn't be surprised to see them raise rates, and in their statement try and add some "feel-good" words to juice the market.
But yes, the pattern below is very legit, and even though it seems like today is a rally fueled by commodities and biotech, there is plenty of room for tech to join in on the rally, should it decide to keep it going.
SPDR S&P 500 (N:SPY) 30 Min Chart
