A Message from the Equity Indices Ahead of Fed Time?
One hour ahead of Fed Time and the E-mini S&P 500 is bearing down on a key near-term support level- its prior pullback low at 1581.25, which if violated, should trigger some long liquidation that presses the index towards a test of more important near-term support, at 1570.75.
Isn't it ironic that this weakness is occurring into the Fed's next policy statement, as if Mr. Market finally is sending a minor warning signal to Bernanke and Co., that its policies are not having a sustained impact on the economy, and perhaps, that the unintended consequences of more prolonged QE tinkering will be increasingly harmful in the absence of some action by our elected officials?
Who knows? But FOMC members have to watching today's action with a bit of concern.