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Usa500: Inside day, may suggest a price correction

U.S. stocks wobble on yesterday session, waiting for Usa500 to make its first close above 2,000 and hold.

On today’s economic agenda we have U.S. the gross domestic product annualized that is expected to rise to 3.9% showing some signs of economy recovery. On the other hand the initial jobless claims in August are expected to rise 300K showing some signs of weakness in the labor market.

Usa500 spent most of the time in negative territory yesterday during a low-volume session, as investors took a breather following Tuesday record high. By the close, the Usa500 was near the open making a second an inside day.

Expecting downward move to 1,985.25 on a break of below previous day low at 1,993.25 (scenario 1) or a break below the daily support at 1,979 could push the Usa500 down to the next daily support at 1,959.62 (scenario 2).

Usa500 is a CFD written over S&P500 futures.