Paul Rejczak: The main U.S. stock market indexes lost 0.2-0.6% on Friday, extending their recent consolidation, after selling off in August. The indexes are expected to bounce off the consolidation’s lower limit, as investors react positively to President Obama’s August 31 statement on Syria. The S&P500 index fluctuates around the June-August uptrend’s 50% retracement. The nearest important resistance is at 1,652.54-1,656.02, marked by last Tuesday’s daily gap down. We have no confirmed trend reversal signals, as the index has been in a downward channel since the beginning of August, staying in a four-month long consolidation area, as the daily chart shows:
Expectations before the opening of today’s session are positive, even though the market sentiment has cooled down since yesterday, with index futures currently up 0.6-0.8% vs. their Friday’s closing prices. The European stock market indexes have lost 0.3-0.6% so far. Investors will now wait for the U.S. economic data announcements:(...)Click here to continue reading the original ETFDailyNews.com article: Stock Market: Downtrend Reversal AttemptsYou 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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