The main U.S. stock market indexes were virtually flat on Friday, as investors continued to hesitate following the recent advance. The S&P 500 index has reached the record high of 2,916.50 on August the 29th. It currently trades just 0.4% below that high. The Dow Jones Industrial Average gained 0.03% and the technology Nasdaq Composite lost 0.05% on Friday.

The nearest important level of support of the S&P 500 index remains at around 2,895-2,900, marked by Thursday’s daily gap up of 2,894.65-2,896.39 and the recent resistance level of 2,900. The next support level is at 2,880, marked by the last Wednesday’s daily low. The support level is also at around 2,860-2,865, marked by the recent fluctuations. On the other hand, the nearest important level of resistance is now at 2,910-2,915, marked by the mentioned record high.

The broad stock market reached the new record high in the late August, as it extended its short-term uptrend above the level of 2,900. Since then it trades within a consolidation. The market retraced its late August advance, and it got back down to the support level of its late January high recently. Then it got back above 2,900 mark. Will it advance towards new all-time highs? The index still trades above its medium-term upward trend line, as we can see on the daily chart:

More Short-term Fluctuations

The expectations before the opening of today’s trading session are virtually flat to slightly negative, because the index futures contracts trade between -0.2% and -0.1% vs. their Friday’s closing prices. The European stock market indexes have lost 0.2-0.4% so far. Investors will wait for the Empire State Manufacturing Index release at 8:30 a.m. The broad stock market will probably extend its short-term consolidation today. The index got closer to its late August record high, but will it continue higher? There have been no confirmed negative medium-term signals so far.

The S&P 500 futures contract trades within an intraday consolidation, as it extends its Thursday’s-Friday’s fluctuations.The nearest important level of resistance remains at around 2,910-2,915, marked by the recent highs, along with the late August record high. On the other hand, the support level is at 2,895-2,900. The support level is also at 2,880-2,885. The futures contract continues to trade along the level of 2,900, as the 15-minute chart shows: