The U.S. stock market indexes gained 0.2-0.5% yesterday, as investors hoped for the long-term uptrend to resume. The market continues to fluctuate near the recent highs, extending its month-long consolidation. The S&P500 index is still in a relatively narrow range, just below the August 2 all-time high of 1,709.67. The nearest resistance level is at 1,700-1,710, and the nearest support level is still at around 1,675-1,690, marked by the late July consolidation, as we can see on the daily chart:

The main U.S. indexes are ought to open slightly lower this morning, as the European stock markets have been mixed. Investors will now wait for the U.S. Producers Price Index data announcement at 8:30 a.m. The S&P500 futures contract (CFD) is in a consolidation range, still with no visible direction. Technically, there are no clear trading signals; investors stay in a wait-and-see mode. Therefore, the market volatility has been relatively low recently. The nearest short-term resistance level remains at 1,700-1,705 and the nearest short-term support is at 1,680, as the 15-minute chart shows:

Thank you,
Paul Rejczak