Stocks have climbed nearly non-stop since the aftermath of the Brexit vote
The S&P 500 is showing a small sign of exhaustion after an 8% post-Brexit rebound. The gains have been largely fuelled by the idea that a Brexit would keep the Fed on the sidelines for the longterm but with the FOMC less than a week away, the market is beginning to have some second thoughts.
Economic data from the US has been strong including a beat on initial jobless claims today.
Technically, you could interpret today's move as a bit of a reversal but for me the magnitude of the decline is just too small (the index is down 11 points to 2162). It doesn't come on strong volume and there isn't any news out there driving it.
