Market participants are anxiously awaiting the result of the two-day Federal Open Market Committee Meeting, where the direction of short-term interest rates will be decided. Expect an announcement around 1:15 p.m. CT. CME Group Fed funds futures are pricing in a 90 percent probability the Fed will leave its key short-term interbank rate (Fed funds) unchanged at 2 percent. Lind Plus Senior Market Strategist Jeff Friedman says traders of financial futures can expect thin and choppy action–then an explosion after the announcement. He recommends day traders stay out until the dust clears, but says in the September S&P futures contract, look for support at 1279. A move above the 20-day moving average at 1362 would signal a recovery, but for now, momentum indicators are bearish, even if oversold.