In anticipation of the FEDs decision on monetary policy expected on Wednesday, the S&P 500 may open down by 0.2%. At the same time, European markets are also in red territory, mainly suffering of escalating tensions in Iraq.
The American index closed up by 0.31% to 1936 points last Friday.
As for statistics, the Empire State Manufacturing index for June showed continued expansion as it came in at 19.3 against 15.2 expected. For its part, the monthly variation for industrial production increased while the consensus estimated 0.6%. The NAHB index related to the housing market will be released at 10:00 a.m. EDT.
Graphically, the S&P 500 is in a horizontal consolidation phase, showing no real sign of weakness. A bearish outlook remains favored under 1940 points and the 50-hour moving average, this in hourly basis. Below the 1930 points, the beginning of a more pronounced consolidation toward 1914 points is expected, and then 1900 points.