Was down about 13 points at the low and up 5 at the high
The S&P index is trading near unchanged on the day at 1952.
Looking at the daily chart for the index, the price has been consolidating most recently under 2000 (which is the 50% of the fall from July) and above 1900 (after the plunge to 1867.01). At 1950 area, the index is trading near the midpoint of that recent 100 point range.
The consolidation is indicative of a market that is unsure of the next directional bias. It is being more cautious of the upside potential at the same time.
With the Fed decision a toss up next week, the market is justified. Also traders are unsure of the market reaction given the decision. No Fed in the past has led to higher stocks. What will a change in rates do? Will the market ignore the hike and instead focus on the Fed's words that they will take it really slow? Or will we get another look at life below 1900? For the time being, bearishly cautious with a move above 2000 the key for a change of that bias.
