E-mini stock index futures remain choppy

S&P 500 (Figure 2)

It is common for the market to slow the day before a Fed meeting kicks off. Recently, however, the actual announcement has not had as much of an impact on market price action as it has had in the years past. We will likely see this start to change once again towards the end of the year, but the reaction should remain relatively muted this month. An exception could be made, however, if the market continues to chop around without strong intraday swings on Tuesday and into Wednesday morning. This type of congestive action will make it more conducive to rapid price swings with any news.

Nasdaq Composite (Figure 3)

The Dow Jones Industrial Average ($DJI) ended the day a loss of 26.11 points, or 0.21%, and closed at 12,479.88 on Monday. Twelve of the Dow's thirty index components posted a gain. The top performers were Intel (INTC) (+2.24%), Pfizer (PFE) (+1.77%), and Bank of America (BAC) (+1.06%). The weakest were DuPont (DD) (-1.41%), Hewlett-Packard (HPQ) (-1.12%), and Kraft Foods (KFT) (-0.93%).

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