Nothing new can be said about current situation as we are very close to last high, yet still below it. US market closed in red (S&P500) and that could be a negative sign.
Nevertheless, we should not act before confirmed breakout.
The Financial Graph & Art published a very interesting paper on history of FED (here).
Sources:
[http://www.financialgraphart.com/history_of_fed_free.pdf]
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