It seems likely that the Fed will deliver the long overdue changes to its script at the conclusion of the Sept 16/17 meeting next week. While QE3 does not end until October the Fed is likely to take advantage of its updated forecasts and the post-meeting press conference to communicate and fine-tune expectations. Key will be a desire to prevent markets from viewing changes in the post-meeting statement as indicating a desire to bring forward the timing of liftoff.
SPX holding 1990 level:
Data from #EIKON and Thomson Reuters.