Paul 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:
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.(...)Click here to continue reading the original ETFDailyNews.com article: Stock Market: Possible Short-term Downtrend ReversalYou are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)
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