The major U.S. stock market indexes were mixed on Friday, as Google Inc.’s worse-than-expected quarterly earnings release undermined market sentiment. The broad market S&P500 index gained 0.2%, while the tech stocks Nasdaq Composite index was down 0.7%. The S&P500 index fluctuates in a rather tight range, near its recently established all-time high at 1,693.12. For now, it is only a flat correction within an uptrend, just below the potential psychological resistance level of 1,700. There are no clear trend reversal signs, as we can see on the daily chart:

Expectations before the opening of today’s session are slightly positive. The European stock markets are virtually flat, so there is no clear sentiment amongst investors. The Existing Home Sales at 10:00 a.m. will be the only U.S. economic data announcement today. The S&P500 futures contract (CFD) is still in an uptrend, creeping towards new highs today morning. Again, there are no clear sell signals, as the price is above its month-long trend line. The support level is at around 1,675 now, marked by last Friday’s local lows. The 15-minute chart shows a gradual upward movement of the CFD:

Thank you,
Paul Rejczak