A battle between buyers and sellers
The price action in the major indices remains uninteresting, meaning that it's been tight-ranged around the flat line. The S&P 500 is trading little changed. There is an underlying sense that the market is due for a pullback given the number of record highs set this month and the pockets of speculation in options trading. Still, there is a conflicting awareness that the Fed is keeping the market afloat with its injected liquidity and debt asset purchases. We'll see who gives in first: buyers or sellers? On a related note, the FOMC begins their two-day policy meeting today with a decision due tomorrow at 2:00 p.m. ET. No change in monetary policy is expected.