Stock Market: Possible Short-term Downtrend Reversal
INDEXDJX:.DJI, INDEXSP:.INX, NYSEARCA:SPY, NYSEARCA:DIA, DJI:DJI, CBOE:SPX, NQ:COMP, NY:XAX Related posts: Stock Market: Correction or Trend Reversal? Fear Index Says This Stock Market Reminiscent of October 2007: iPath S&P 500 VIX Short Term Futures TM ETN (VXX) S&P 500: Short-Term Uncertainty As Investors Await Further Economic Data Announcements Where Is The Stock Market Going In The Very Near Term S&P 500 Index: Short-Term Uncertainty

wall-street-etfPaul Rejczak: The U.S. Stock market indexes gained 0.4-1.0% yesterday, as investors were counting on the long-term uptrend to resume, after retracing almost 50% of the June-August move up. The technology sector was the strongest sector yesterday, despite halting Nasdaq trading on system failure for three hours. The broad market S&P500 index continues to fluctuate, bouncing off the support level at around 1,635-1,650, marked by the 50% retracement of June-August uptrend’s at 1,635.00. The resistance level remains at 1,679.61-1,684.83, marked by the August 15 gap down, as the daily chart shows:

Daily S&P 500 Index chart - SPX, Large Cap Index

Expectations before the opening of today’s session are virtually flat, as the main European stock markets have been mixed. Investors await the New Home Sales announcement for the month of July at 10:00 a.m., but the key event should be the highly anticipated Federal Reserve’s conference speeches in Jackson Hole.

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  3. S&P 500: Short-Term Uncertainty As Investors Await Further Economic Data Announcements
  4. Where Is The Stock Market Going In The Very Near Term
  5. S&P 500 Index: Short-Term Uncertainty

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