S&P 500 3009,57 +8,64.
The stock market entered into the resistance area we mentionned in our previous comments and touched intraday the 3020 area. We expect the market to tread water over the next few trading sessions and challenge again this resistance zone around 3015-3030. Our model starts to be overbought and the best scenario calls for a period of correction/consolidation until the end of September to bring back our indicators to a more attractive level. The momentum indicators based on the advance/decline line are very overbought, this is a good news in itself as it means that the underlying forces are strong but, again, short term, prices may consolidate somehow to build the foundation of the next upmove.