NASDAQ settled near the 24,300 level as traders were not ready for big moves ahead of Fed decision.

SP500 pulled back from session highs as traders took some profits off the table ahead of Fed decision, which will be released tomorrow. Today, traders had a chance to take a look at the Retail Sales report for August. The report indicated that Retail Sales increased by +0.6% on a month-over-month basis, compared to analyst consensus of +0.2%. Industrial Production grew by +0.1% month-over-month in August, while analysts expected that it would drop by -0.1%. Traders also focused on the NAHB Housing Market Index report, which showed that NAHB Housing Market Index remained unchanged at 32 in September. Energy stocks were among the biggest gainers today as traders reacted to the rally in the oil markets. Utilities and basic materials stocks have found themselves under strong pressure.

From the technical point of view, SP500 continues its attempts to settle above the resistance at 6610 - 6620. A move above the 6620 level will push SP500 towards the 6650 level. RSI has recently pulled back into the moderate territory, so there is plenty of room to gain momentum in the near term.