Today will be a big day for the European Central Banks (ECB) as they are on opposite sides of the FED. FED Chair Dr. Yellen appeared before Congress today to make her case to increase short-term rate at the FED on December 16, 2015.

“WASHINGTON – Federal Reserve Chair Janet Yellen tells Congress that economic conditions are falling into place for policymakers to raise interest rates when they meet in two weeks — as long as there are no major shocks that undermine her confidence.

Yellen says that even after the first increase, rates will still be at very low levels, which should encourage more borrowing by consumers and businesses.

In testimony before the Joint Economic Committee, Yellen says further delays in a Fed rate hike could force the central bank to tighten credit too quickly later. Such an abrupt move could push the economy into a recession.

Fed policymakers meet on Dec. 15-16. The Fed’s key short-term rate has been at a record low near zero for the past seven years.” Source: news1130.com

The SPX continues to find resistance at the 2100 resistance level. The market and its participants seem to lack any enthusiasm.

It’s my belief that the markets are awaiting a big news release from the FED regarding a “potential” rate increase which the markets currently does not favor.

Will there be a FED increase in the Fed Fund Rates or is this much to do about nothing AGAIN! Is the FED going to continue to kick the can down the road even further? That is the million dollar question. History shows us that the fed typically raises rates a little near just before a bear market starts in hopes they can continue to convince the masses (investors) that the economy is fine and dandy, nothing to worry about. And its that rate hike that tips the scale, triggers a bear market and clobbers the average investor holding stocks in their portfolio. I talked about this in a recent interview I did with Jim Goddard on HoweStreet.com.