The S&P 500 Index has pulled back during the trading session on Wednesday as we continue to see a lot of noise right around the 4300 level. The E-mini contract also has the 200 Day EMA sitting just above there, so it does make a certain amount of sense that we have seen a lot of noisy behavior in this general vicinity. Furthermore, you can make an argument that perhaps the market is a little overbought at this point.

The fundamental situation has not been good. Wall Street continues to start buying stocks every chance it gets since traders are hoping that the Federal Reserve will step off the brakes, giving the opportunity for cheap money to be able to gamble with again. This is the monster that the Federal Reserve has created, and therefore it’s the monster that they must deal with.