The S&P 500 is coming off of a record-setting week and will look to set new all-time highs this week. This week is another busy week of earnings and includes reports from a bulk of the S&P 500 as well as several Dow components. So far, the earnings season has been better than expected despite the threat of rising inflation and supply chain disruptions and proves to be another record-setting quarter.

There is more than earnings for traders to be wary of this week. The FOMC is meeting on Wednesday and is likely to begin tapering very soon if not now. The PCE price index only confirmed that consumer-level inflation is still rising and points to the need for aggressive Fed policy. Later in the week, the market will be on watch for the October NFP figures. Based on the numbers of people exiting unemployment the level of job creation should be very robust indeed.