S&P 500 opens little changed near record high it set at 3,395

• Wall Street’s main indexes opened little changed on Wednesday.
• Energy shares underperform ahead of EIA’s weekly report.
• FOMC is scheduled to publish July Meeting Minutes.

Major equity indexes in the US opened little changed on Wednesday as investors seem to be opting out to remain on the sidelines while waiting for the FOMC’s July Meeting Minutes. As of writing, the S&P 500 was up 0.15% at 3,394, near the all-time high it set on Tuesday, the Dow Jones Industrial Average was gaining 0.15% at 27,820 and the Nasdaq Composite was rising 0.2% at 11,419.

Among the 11 major S&P 500 sectors, the Energy Index is down 0.7% on the day. On the other hand, the Financials Index and the Technology Index both gain around 0.3%. 

At 1800 GMT, the FOMC will release the July Meeting Minutes. Investors will be looking for clues regarding a possible change in forward guidance ahead of the conclusion of the policy review in September.

S&P 500 chart (daily)

S&P 500 technical outlook

Credit Suisse analysts shared their outlook for the S&P 500 Index with key quotes seen below.

“Above 3394 and then the trend resistance at 3405 should mark a conclusive break higher, opening the door to what remains our ‘ideal’ resistance objective at Fibonacci projection resistance at 3432/36. We look for this to ideally cap and for a consolidation/corrective phase to emerge.”

“Support is seen at 3382 initially, then 3370, below which can see a move back to the 13-day average and trend channel support at 3343/41. A close below here is needed to suggest a correction lower is finally underway, with 3326 though still needing to be removed to establish a small top.”