Stocks Pause After Strong Rebound

Stocks are lower today as they pause at a resistance level from last month.

S&P 500 futures are back near unchanged after declining almost one-quarter of a percent earlier, while most European indexes fell about half a percent. Asia was mixed in the overnight session, with China up and Japan down.

The S&P 500 is now around the same level where it peaked on June 18, which was followed by a sharp drop to its 100-day moving average. The index is up more than 5 percent from its lows after that plunge. Given the selloff and rebound in recent weeks, we could be due for a period of consolidation–especially as investors brace for a flood of corporate earnings throughout July.

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