S&P 500 clears 38.2% retracement of last week's decline

Stocks up 24 points to 2092

The S&P 500 is up 1.2% in the largest rally in two weeks.

The gains climbed over the 38.2% retracement of the decline over the previous five days.

After the soft consumer confidence number and the shakeout in Chinese stocks, the market is less worried about a hawkish Fed. If the statement is neutral tomorrow, look for a continued bounce above 2100.