It is entirely possible that U.S. equities put a "No" exclamation point on the chance for a September FOMC policy response. Right now, the S&P 500’s are trading near a trend line that has provided support, advancing from the Aug. 24 low. A settle below that trend line would likely collect some additional bearish sentiment. The repair since that late-August date has been inconsistent and modest.
It’s the middle of September and no disasters yet. That’s a good sign. But we are not out of the woods yet. Last week we were looking at a window from Pi to Shemita. It’s possible the Pi fired off. First of all we have the DAX, which left a bearish belt on Wednesday. The margin of error is 2 days and when you consider it took over 31000 days to get here that should be okay.