S&P 500 2978,43 -0,28.
A day of consolidation in Wall Street after last week’s strong advance. The market opened on a strong note before succumbing to some selling pressure that was finally well absorbed by prices. Breadth closed fairly strong: 2309 stocks advanced compared to 1542 that settled lower. The cumulative advance/decline hit fresh new highs confirming the strong internal momentum of this market. Daily sentiment indicators paint a fairly neutral picture. We still expect the S&P 500 to challenge the July highs between 3015-3030 before a correction/consolidation unfolds.