Welcome to Closing Bell. I'm Scott Wobner live from Post 9 here at the New York Stock Exchange.

We have a big interview coming up in just a short period of time.

Former Fed Vice Chair Richard Clarita is with us.

He's going to discuss with us whether the Fed is in fact done raising interest rates as some are

predicting. This make or break hour begins with more debt deal uncertainty though and it is weighing

on the markets yet again today. Word that Republican negotiators call the pause in those talks

sending stocks lower right around midday and that's pretty much where they've been

the S&P coming off its highest close of the year sitting at or near that closely watched

4200 level for most of the year sitting at or near that closely watched 4200 level for most of the day just below it as you see.

Nike a big weight on the Dow today following that cautious guidance from Footlocker that stock

having one of its worst days ever after its outlook

disappointed investors. The Nasdak taking a breeder to even as Apple

alphabet and Meta hit new 52 week highs in today's session and that brings us to

our talk of the tape whether we're about to

break out or break down. Let's ask Tony Pascarello, he's the global head of

hedge fund coverage at Goldman Sachs with me once again on set. It's good to see you again. Thank you Scott. I thought we were about maybe to break out of this range and here we go. You know a headline on the the debt ceiling dual brings us back below 4200. What's your outlook right now?

So we walked into the office on Wednesday and the six week trading range was the

tightest in five years, less than 3%.

Yep. We've obviously teased up towards the very upper end of that range around 4200.

As someone who's been in the rage trade camp, the collar feels a little tight at 4200.

But we've seen this level four or five times and it's held every single time.

I'm a believer it probably does still hold. I think the good discipline would be to lighten up a little bit on your risk at this end of the range.

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