Stocks Grind Higher, Face Resistance

Stocks are up slightly today as the S&P 500 wrestles with a key resistance level.

Index futures rose by about one-tenth of a percent, matching a similar gain in Europe. Asia was mixed in the overnight session, with Shanghai down 1 percent and Tokyo up 1 percent.

The S&P 500 has spent the last week in a tight range after rallying back to the same area where it hit resistance in May. Investors have been digesting key news during the pause. On one hand, they’ve seen a pattern of improving quarterly results from financial companies such as JP Morgan and Citigroup. On the other, they’ve been cautiously monitoring comments by Federal Reserve Chairman Ben Bernanke about future asset purchases.

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