Having limited potential losses and closed slightly down by 0.02% to 1950 points yesterday, the S&P 500 is expected to follow European markets and drop by 0.5% at the opening.

As for statistics, Crude Oil Inventories report will be released at 10:30a.m. EDT and the Federal Budget Balance later at 2:00p.m.

The U.S. Index should test today the 1940 points area as graphically shown. Below this level the index remain well oriented in hourly data. Nevertheless, the breakout of this threshold, which matches with the 50-hour moving average, would imply the beginning of a consolidation phase toward 1930 points and subsequently the 1915 points.