sunshineprofits.com / By Paul Rejczak / SEPTEMBER 3, 2013, 6:51 AM
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:
