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Scariest day for market looms, and it's not Halloween

The Federal Reserve in the coming week is expected to end its quantitative easing program—the much-anticipated action that's been at the very heart of the market's fears.

After a two-day meeting, the Fed Wednesday is expected to announce the completion of its bond purchases, based on improvements in the economy. Markets will now look forward to the time—expected at some point next year—when the Fed believes the economy is strong enough for it to raise short-term interest rates from zero.

The economic calendar also heats up in the week ahead, with durable goods Tuesday; third-quarter GDP Thursday, and income and spending and employment costs data Friday. All of the data becomes even more important as the markets attempt to interpret the Fed's process of normalizing rates.