Yesterday, the S&P 500 started out much weaker than expected but I think it is premature to say the larger retrace has started. S&P 500 futures are higher this morning but doubt them market moves much more till after the FOMC statement at 14:00. As long as the FOMC does not deliver a surprise hike, I think we see the equity markets higher into at least Friday morning if not early next week.

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