We believe the market is susceptible to a slight correction of literally around 1%. We have a downside target of 1774 from the current level of around 1790. This move could happen tomorrow if the data prompts a the market to think the Fed may taper sooner rather than later.
Equities have continued to hold value well as we look to PPI and Confidence numbers today and the Fed begins its two-day meeting. This session's early high in the S&P is slightly lower than that of yesterday with 1761.25 compared to 1762.25.
U.S. stocks climbed toward another record and gold advanced while the dollar weakened as corporate earnings topped estimates and signs of slower economic growth fueled bets the Federal Reserve will maintain stimulus.