All eyes were on the Fed statement this afternoon, but there wasn't much of anything new for analysts to digest. The FOMC noted an improved job market, but are looking for higher inflation numbers and also feel business investment remains too soft. SPX traded up on the FOMC statement, closing at $2109, up $15. RUT gained $5 to close at $1230. SPX is now solidly above its 50 dma, but RUT remains well below the 50 dma. SPX has returned to the middle of the trading range, but RUT is lagging behind.

Volatility continued its pull back with the VIX closing at 12.6%, down almost one point. Trading volume declined in the S&P 500 stocks with 2.3 billion shares trading today. Volume declined 4% on the NYSE and trading volume declined 7% on NASDAQ. So the market was up today, but the enthusiasm was subdued.

Pending home sales were released today with a decline of 1.8% for June, down from May's +0.6%.

The first estimate of GDP growth for the second quarter will be released in the morning. Hopefully, it won't be negative, following a negative first quarter GDP. That could be a problem for this fragile market.