The indices acted well today, but there was a shift in the action. There wasn't a ramp into the close as had occurred almost every day for the last of couple weeks, and there was a major rotation taking place under the surface out of technology and biotech and into banking, retail and oil.
Another shift today was that the dip buyers did not pursue Alphabet (GOOGL) after it pulled back on generally good numbers. The buying of such pullbacks is almost routine but it didn't occur today, and you have to wonder if other stocks like Facebook (FB) , which reports tomorrow, are at risk for a "sell the news" response. (Google and Facebook are part of TheStreet's Action Alerts PLUS portfolio.)
Speaking of "sell the news," there is an FOMC interest rate decision tomorrow afternoon. It is expected the Fed will not raise rates, but the policy statement will be closely scrutinized. There is no press conference scheduled tomorrow, so there is unlikely to be anything very surprising announced.
What is most important about Fed Day is that it tends to have a positive market bias. While many traders look for a "sell the news" response, that has not tended to occur. The market loves to love the Fed no matter what it may do.
The top-callers are anxious to do their thing, but the bulls have the momentum and are not ready to relent. Stick with the trend until it changes.
Have a good evening. I'll see you tomorrow.