This market has nothing to do with Fed liquidity. It's been driven by illiquidity. Almost every night for a month, the day's price has been set by a small number of transactions in the futures market at the least liquid time of night.

                                                                                          hourly view

The S&P is up double digits this month, however, most of the action occurred at night. Month-to-date, we’ve had just one day that traded more than 10 points on either side of unchanged and today was yet another gap that remained on that side of unchanged for the day.