The main U.S. stock market indexes gained 0.2-0.4% yesterday, as investors bet on a continuation of the long-term uptrend. The S&P500 index continues to fluctuate around the level of 1,700, extending its few week long consolidation. There are not really any important events or news that can substantially drive the stock prices out of this trading range, at least for now. The nearest resistance level is at around 1,710, marked by the August 2 all-time high of 1,709.67, and the support level is at 1,675-1,690, marked by the late July consolidation. Investors fear that some kind of a topping pattern may be forming, as we can see on the daily chart:

The cash market is ought to open a little lower today, as the European stock markets have lost 0.1-0.2%. However, there is still some profit-taking pressure, reinforced by the prolonged uncertainty. In the short-term the S&P500 futures contract (CFD) fluctuates in a relatively tight range, just below the level of 1,700. The nearest support level is at around 1,680, marked by the recent local bottom. The resistance level is at 1,700-1,705. Still, with no clear direction as the 15-minute char shows:

Thank you,
Paul Rejczak