S&P 500 2885,72 -1,01.
The stock market opened on a strong note before succumbing to profit taking. The 2900 area is acting as a resistance zone for the time being. Price momentum is still positive although some of our indicators are slightly overbought. We still think that the market is establishing a wide trading range for the next few months capped by the highs reached earlier this spring at 2950 and a floor around 2750. Daily sentiment indicators observed in the option market are neutral.