S&P 500 up 0.6% today

The rebound in US equity markets is nearing the 61.8% retracement level of the Friday-Monday selloff. A break above that level at 2099 would point to a full retracement to 2115.

If you look at stocks over the past decade, one of the consistently best days to own shares is FOMC day. However, that includes a relentless cycle of cuts and most of that period included the most-dovish Fed leader of all time.

The stock market could handle some hawkish talk about the first rate hike so long as it's accompanies by soothing words (and a dot chart) showing a much shallower pace of hikes.