sunshineprofits.com / By Paul Rejczak / SEPTEMBER 2, 2013, 6:46 AM
The U.S. stock market indexes lost 0.2-0.6% on Friday, as investors feared that the possibility of a military intervention in Syria could become a reality. However, President Obama’s August 31 statement on Syria has improved the market sentiment. The main indexes may bounce off the recent consolidation’s lower limit. The S&P500 index fluctuates around the June-August uptrend’s 50% retracement at 1,635.00. The support level is at 1,617.38, marked by the uptrend’s 61.8% retracement (the Fibonacci golden ratio). The nearest important resistance level is at 1,652.54-1,656.02, marked by last Tuesday’s daily gap down. Still, we have no confirmed trend reversal signals. The index extends its short-term consolidation, as we can see on the daily chart:
