The U.S. stock market indexes were mixed between -0.3% and +0.4% on Wednesday, as investors took some short-term profits off the table following the recent advance. The S&P 500 index reached the new record high at the level of 2,873.23 on Tuesday, as it broke slightly above its January’s 26th high of 2,872.87. The Dow Jones Industrial Average lost 0.3% and the technology Nasdaq Composite gained 0.4% yesterday.

The nearest important level of support of the S&P 500 index is at around 2,860, marked by Tuesday’s daily gap up of 2,859.76-2,861.32. The next support level is at 2,830-2,835, marked by some short-term local lows. The support level is also at 2,825-2,830, marked by the last Thursday’s daily gap up of 2,827.95-2,831.44. On the other hand, the level of resistance is at 2,870-2,875, marked by the record high. Potential resistance level is also at 2,900.

The broad stock market reached the new record high on Tuesday, as it broke slightly above its late January high. Will the S&P 500 index continue higher? There are still two possible medium-term scenarios – bearish that will lead us towards the February low again, and the bullish one – breakout higher towards 3,000 mark. The latter one got very real recently:

Mixed Expectations

The index futures contracts trade between -0.02% and +0.04% vs. their Wednesday’s closing prices. So expectations before the opening of today’s trading session are virtually flat. The main European stock market indexes have been mixed so far. Investors will wait for some economic data announcements today: Initial Claims at 8:30 a.m., Flash Manufacturing PMI, Flash Services PMI at 9:45 a.m., Consumer Confidence, New Home Sales at 10:00 a.m. The broad stock market will probably open virtually flat today. We may see more short-term fluctuations following the recent run-up. There have been no confirmed negative signals so far. However, we can see some selling pressure at the medium-term resistance level.