Dow and S&P 500 Diverge Ahead of FOMC, Dollar Holds as Gold and Yields Slide

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Dow, S&P 500, VIX, Dollar, GBPUSD and GBPCAD Talking Points:

• The headlines reported a record high S&P 500 and Nasdaq Monday, but the Dow’s struggle suggests a more concentrated speculative appetite
• Liquidity and volatility are exacerbated by the anticipation of Wednesday’s FOMC rate decision with the smallest 40-day SPX range in years and a sharp intraday rally
• Despite a retreat from Gold and US 10-Year yields, the Dollar has held up going into Tuesday trade – with the smallest daily range since Feb 2020

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