The u.s. stock market indexes were mixed between 0.0% and +0.4% on Friday, as investors hesitated following recent run-up. The S&P 500 index slightly extended its short-term uptrend after breaking above 2,700 mark on Thursday. It currently trades 5.1% below January 26 record high of 2,872.87. The Dow Jones Industrial Average gained 0.4%, and the technology Nasdaq Composite was unchanged on Friday.

The nearest important level of resistance of the S&P 500 index remains at around 2,740, marked by mid-March local high. The next resistance level is at 2,780-2,800, marked by some previous local highs. On the other hand, support level is at 2,700-2,705, marked by recent resistance level and Thursday's daily gap up of 2,701.27-2,704.54. The next level of support remains at 2,680-2,685, marked by previous local high.

The broad stock market extended its short-term uptrend last week, as the S&P 500 index broke above the level of 2,700 again. Will this run-up continue towards 2,800? There are still two possible medium-term scenarios – bearish that will lead us below February low following trend line breakdown, and the bullish one in a form of medium-term double top pattern or breakout towards 3,000 mark. There is also a chance that the market will just go sideways for some time, and that would be positive for bulls in the long run (some kind of an extended flat correction):

Short-Term Uncertainty – Just Profit-Taking?

The index futures are trading 0.2% higher vs. their Friday's closing prices right now, so expectations before the opening of today's trading session are slightly positive. The European stock market indexes have lost 0.2-0.3% so far. There will be no new important economic data announcements today. The broad stock market will likely fluctuate today after its last week's advance. Is this a short-term topping pattern before downward reversal? Probably not. There have been no confirmed negative signals so far.