March 19 daily gap down of 2,741.38-2,749.97. The resistance level is also at 2,760-2,765. On the other hand, the nearest important support level is now at 2,700, marked by previous resistance level. The support level is also at 2,685-2,695, marked by Tuesday's daily gap up of 2,686.49-2,692.05.

It trades along the above-mentioned March 19 daily gap down:

Downward Reversal or Just Profit Taking Action?

Expectations before the opening of today's trading session are slightly negative, because the index futures contracts trade 0.2% below their yesterday's closing prices. The European stock market indexes have been mixed so far. Investors may continue taking profits off the table following Tuesday's rally. Is short-term uptrend over? Probably not, but we will see if the index remains above previous resistance level of 2,695-2,700 or gets back lower again. Investors will wait for some economic data announcements today: Initial Claims, Philadelphia Fed Manufacturing Index at 8:30 a.m., Leading Indicators at 10:00 a.m. Investors will also wait for more quarterly earnings releases.