April 30, 2013-Stocks Flat After Closing at S&P Channel Resistance

Sentiment on Wall Street remains precariously poised on Tuesday, as traders await a few key economic data and earnings announcements from some notable companies, including Pfizer (PFE). Overbought fears are likely to return after the S&P 500 Index hit new closing high yesterday. Meanwhile, the FOMC meeting gets underway, although the decision is not expected until Wednesday. Traders may also track the results of a consumer confidence and a regional manufacturing survey. Asian stocks closed mostly higher, while European stocks are trading mixed ahead of the May Day holiday tomorrow, as traders digest some positive domestic earnings and lukewarm economic data. The Dow futures are moving up 3 points and the Nasdaq 100 futures are advancing 0.25 points, while the S&P 500 Index is slipping 1.20 points. Encouraged by hopes of monetary policy actions and better than expected housing and consumer spending data, U.S. stocks advanced solidly, with the S&P 500 Index closing at fresh high. On the economic front, the Federal Reserve will begin a 2-day monetary policy meeting today, with the FOMC policy statement due to be released at 2 pm ET on Wednesday.