S&P 500 dips after huge gain on Wednesday

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S&P 500 down 9 points at the open

The 2.1% rally in US stocks on Wednesday stalled out at the mid-October high and the 61.8% retracement of the October fall. Today, the consolidation is continuing in a 10 point drop to 2804.

The index is trading between the 200-day moving average and the 55-day moving average.

The Fed decision later could be a mover for stock markets. For me it’s tough to see anything less than the usual upbeat, hawkish tone, if not moreso.

               

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