Stocks Retreat After Last Week’s Rally

Stock futures are lower today as buyers pause following a sharp rally late last week.

S&P 500 futures are down almost 1 percent, while indexes are lower by almost 2 percent in Europe. Both have been climbing from earlier lows in the last hour. China and Japan declined by more than a full percentage point in the overnight session.

Some attribute the drop to the Bank of Japan failing to announce measures against market volatility, but the more likely explanation is that the S&P 500 had stalled at the same 1640 area that was support in late May and has now become temporary resistance.

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