Major market index opened slightly lower this morning, they then rose to positive but closed at small losses. Lower consumer confidence and weak Richmond Fed manufacturing index have negative impact on today's stock market. Technically, the S & P 500 yesterday broke through 1851 and made intra-day new high but failed to hold. The market did not succeed in breaking to new high. Near term, S & P 500 will likely consolidate around 1851 while waiting for good news to try breaking out again. Market is still in an up trend but S&P 500 breaking above1851 level near term is very important. It may formed Triple Top and may fall again if it doesn't. S & P 500 support is 1816 and resistance is 1859.
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