The FX and bond markets have been something of a leading indicator today, with even bitcoin sounding some alarms. As US equities hit all-time highs early in US trading, those markets were painting a different picture.
It's taken some time to converge, but the S&P 500 has fallen to 5301 from a high of 5325, now down 5 points on the day.
SPX daily
I'm not exactly sounding alarm bells here as the index has only declined once this month (and only barely on that day). It's been a great run since the FOMC meeting and some consolidation might be in order.
