Today looked very similar to yesterday's open to close action. We actually saw an improvement in the XIV situation...as was reflected in the end of day ranking for tomorrow. It's been a while since XIV has been seated #1 and a quick look at the 5 minute and daily bar charts of the M3 SPY Trader (below) certainty looks bullish.
Of course the FED could drop a bombshell at tomorrow's meeting and derail the positive momentum but its widely expected that Yellen will do everything possible not to muddy the waters and get the markets riled up. Eight times a year the FED gets together to formulate policy and deliver a kind of state of the economy report. In the overwhelming majority of past meeting the response has been nasty intraday volatility followed by bullish action for at least a day or two, especially if SPY is above the 200 day moving average.
That's pretty much what most traders are expecting short term based on today's financial blog chatter.