Stocks are edging lower today as the S&P 500 remains stuck at long-term resistance.
Futures on the index are down by about one-tenth of 1 percent, following losses modest losses in Europe. Japan’s Nikkei also declined by more than 1 percent on news that the future head of the country’s central bank may be less willing to buy assets than investors had hoped.
After a screaming 5 percent rally in January, the S&P 500 has added only another 1.6 percent in the first half of February. The slowing momentum occurs as the index challenges a key resistance level from late 2007. It also comes as corporate earnings season–usually a bullish catalyst–winds down and attention potentially shifts to political risk in Washington and economic weakness in Europe.
— Option Monster