From a trading and investment perspective, I would hedge S&P exposure by owning the TLT, which is an ETF that tracks the 10-20-year Treasury note and goes up in price as long-term interest rates fall.
Long-term rates could fall if the Fed appears poised to do more than just lift short rates off zero, simply because that tracks the 10-20-year Treasury notes sustained increase in the cost of money would likely weaken the economy, hence rates would drop and the yield curve would flatten in anticipation of a more dour outlook.
Having equal part S&P (the SPY ETF) and TLT hedges market risk, while holding onto high-conviction positions that dominate their industries, think Disney, Comcast, Apple, Facebook; and a handful of stocks that could, ultimately be consolidation targets, like J.M. Smucker, Gilead Sciences and Celgene, could be a nice barbell strategy that produces gains no matter whether the Fed plays Grinch, or Santa, come the middle of next month.