S&P 500 futures reached a new all-time high of 6,639 today before reversing after a stronger-than-expected retail sales report. The market has rallied approximately 3.5% since the July FOMC meeting. Volatility has been holding near year-to-date lows. With the September FOMC meeting beginning today, the market is pricing in nearly a 100% chance of a 25 basis point rate cut.