The major U.S. stock market indexes closed mixed yesterday as investors were hesitant to act before the economic data announcements coming this week. The S&P500 index continues to consolidate near the May 22 local top of 1,687.18. The nearest level of resistance remains at 1,700-1,710, marked by the recent consolidation and the August 2 all-time high of 1,709.67. On the other hand, the support level is still at 1,675-1,690. The broad market index extends its month-long consolidation, as we can see on the daily chart:

Expectations before the opening of today’s session are positive as the main European stock market indexes have gained 0.4-0.8%. Investors will wait for the U.S. economic data announcements now: Retail Sales at 8:30 a.m., Business Inventories at 10:00 a.m. The S&P500 futures contract (CFD) continues its horizontal trend. While short-term traders can play the recent range, other traders may decide to wait for a breakout from the consolidation boundaries before putting on a new position. The price bounced off the nearest support level at around 1,680. The resistance level is at 1,700-1,705, marked by the early August highs, as the 15-minute chart shows:

Thank you,
Paul Rejczak