The market traded sideways on Monday ahead of the FOMC meeting this week. Short-sellers are just too gun shy about going short ahead of the FOMC announcement on Wednesday simply because the Fed is likely to trigger massive buy programs before, during and after their announcement, regardless of what decision they may make.
Without any buyers except the Fed themselves, the market simply trades flat in a very narrow range on Monday, and the pattern should continue until the Fed announcement on Wednesday.
