12/4/13 - Something is up (or should I say down)?

Weakness appears to be increasing despite the rally this morning. The double test of 1800 on the 5min S&P 500 chart failed, and there is steady downward trajectory. This level was also tested a couple times yesterday before falling.

I tend to subscribe to the school of thought that the market prices in any news event via those close to the issue before the public reacts. That being said, we are due for a beige book release from the Fed today. Could price action be hinting at the contents?


S&P 500 5 minute chart courtesy of Google Finance