By Markus Heitkoetter
￼The week kicked off with smaller ranges and a modest decline.
The S&P was confined to a 15 point range during the U.S. session. This is less than half of the current “average daily range” of 32 points, and the smallest range since August 18th.
Trading ahead of the Fed is typically nervous and/or quiet. But “fed-like” trading conditions are normally found the day of a Fed Statement. But this could be the type of trading that we get this week ahead of Thursday’s FOMC Statement. Unless of course there are some significant news reports or surprises.
The S&P ended the day with a 0.4% loss. With an 8 point decline, the S&P closed the session at 1953.03.
The DOW was in the same boat as the S&P. The DOW lost 0.4% on the day. With a 62 point decline, the DOW ended the day at 16370.96.
Leading the major indices has become the norm for the NASDAQ. And today the the NASDAQ had the smallest decline of the major indices with a 0.3% loss. Dropping 16.5 points, the NASDAQ ended the day at 4805.76.
At the sake of sounding like a broken record, it’s all about the Fed this week. The main event comes Thursday. At 2:00pm ET we have the FOMC Statement and Fed Funds Rate followed by the FOMC Press Conference at 2:30pm ET.
Prior to the big day, we do have some reports to keep an eye on tomorrow. At 8:30am ET we have Retail Sales and Empire State Manufacturing.