After finishing slightly down by 0.16% to 1964 points yesterday, the S&P 500 should continue its consolidation today, close to the beginning of the earnings season. Futures contracts argue for an initial decrease of 0.15% in the wake of the European places.

Alcoa, which is traditionally the first groupe, will unveil its figures tomorrow (after markets).
According to Superformance© ratings, the company usually exceeds expectations but the Thomson Reuters consensus has lowered its earnings expectations for S&P 500 companies during previous months.
It now expects a profits growth of 6% against 11% in July.

Graphically, the S&P 500 is in a consolidation phase and should now get out of the 1953/1983 area for recover an upward trend. We currently maintain a bearish bias below the upper limit of this area.