March 03, 2015- Stocks Edge Lower with Markets at Overbought Levels

Early indications suggest that Wall Street stocks may open slightly lower, as the overbought levels of the major averages create uneasiness among traders. Meanwhile, Asian stocks closed mixed, reacting to the Wall Street cues and local cues. European stocks have turned mixed by the mid-session. In the absence of any major market moving cues, traders could react to the monthly U.S. auto sales results and the direction of oil prices. The Dow futures are slipping 10 points, the S&P 500 futures are receding 2.20 points and the Nasdaq Composite futures are declining 2.25 points. U.S. stocks advanced in the first trading session of March on Monday, with the Dow Industrials and the S&P 500 Index hitting fresh closing highs, while the Nasdaq Composite moved back above the 5,000 level. The gains came despite domestic economic data disappointing to the downside, although there were positive triggers in the form of a surprise rate cut by the People's Bank of China last weekend and M&A news flow.