US stocks drift to the lows of the day

US equities are under some mild selling pressure at the moment as the S&P 500 erased a small gain and is now down 10 points to 6104. A test of the 6100 barrier held and this looks like moderate back-and-fill price action.

Zooming out, the daily chart shows consolidation just below the January record high.

In terms of the fundamentals, the market is generally waiting for whatever comes next from Trump and Congress. I fear there will be some real angst about passing the tax cut before it gets to the finish line.

On the fundamental side, the soft retail sales reading on Friday is a concern and likely to set off two weeks of soul searching around the strength of the economy.

This article was written by Adam Button at www.forexlive.com.