Equity markets moved on Thursday, but it may be another top in a frothy market. The latest rally is driven by hopes the banking crisis is already behind us despite the fact the FOMC is on track to hike rates 1 more time this year. The risk for traders is that PCE data release will be hot or hotter than expected and keep the Fed hiking until later in the year.

If the market can not move higher today, it will confirm resistance for the 3rd time this year. Such a move would keep the S&P 500 rage bound until the 2nd half, when there is an expectation for earnings growth. Until then, investors should stick to their investment plans and use market dips to load up on their favorite stocks.