The main U.S. stock market indexes lost 0.1-0.4% yesterday, as worries about Syria weighed on investor sentiment and the Durable Goods report fell short of expectations earlier in the morning. However, indexes were on the upside for most of the day. The S&P500 index retreated after barely touching the level of 1,670, just below the resistance level at 1,679.61-1,684.83 marked by the August 15 daily gap down. The sellers hope for the recent downtrend to resume. The nearest support remains at around 1,635-1,650 marked by some of the June-August uptrend’s retracements, as we can see on the daily chart:

Expectations before the opening of today’s session are negative, with index futures losing 0.4-0.5% right now as the European stock market indexes have lost 0.7-1.5%. Investors will now wait for some U.S. economic data announcements: Case-Shiller 20-city Index at 9:00 and Consumer Confidence at 10:00 a.m. The S&P future contract (CFD) fluctuates below the recent downward trend line. Resistance is at around 1,665-1,670 and the nearest support level is at 1,640-1,650. The price has been in a downtrend since the beginning of August, with lower lows and lower highs, as the 15-minute chart shows:

Thank you,
Paul Rejczak