S&P futures vs fair value: -9.3. Nasdaq futures vs fair value: -10.5.

As evidenced by both the S&P 500 and Nasdaq 100 futures languishing near their morning lows, a negative bias persists in pre-market trading and sets the stage for a day of consolidation after such a huge run-up yesterday. With all of the recent volatility, however, the opening indication doesn't mean a whole lot, especially since the stock market is likely to over-analyze any wording change in today's Fed policy statement and create another roller coaster ride for equities.