Between Nuclear Reactors Blowing Up and Today's FOMC statement: 1273-1274 Still Looks Problematic for the SP500 June Contract

Key observations:
The 45 minute chart in the left frame shows that Monday afternoon could not sustain a trade above the blue moving average. That is bearishly sloping into 1272 this morning. The 45 minute chart also shows that Friday's bullish short-covering rally exhausted at +25 points. +25 points off of 1251 = 1276, so, give or take a few points, we should expect short-covering rallies to exhaust themselves around 2%. The 2% guideline is not a hard and fast rule, just a guideline based on shifts in volatility and investor sentiment.
The point and figure chart shows a shelf at 1273-1274 on the way down to 1252 last night. Another shelf formed at 1271 on the way down to 1251 last night. The upper volatility band and the median line of the pitchfork off last nights lows are intersecting 1272-1274 ahead of the FOMC statement.
Rallies into 1272-1274 ahead the FOMC statement will more than likely encounter selling pressure. After the FOMC statement, you can less certain to find selling pressure around 1273-1274.
Volatility is contracting and that is an indication that the lower volatility band and lower pitchfork sloping into 1261-1263 today will act as support for the balance of the session.