As we head into the opening bell this morning S&P 500 futures are trading down 2 points while the Nasdaq futures are down 3.80. Yesterday the three major markets averages traded up on the opening, but ran into trouble when the S&P 500 hit resistance at its 200-day moving average.

The market has had a strong rally that past few weeks since it put in a low in the first week of July. It seems likely that the market is going to continue to run into trouble at this resistance point. I expect we’ll see some sideways action between 1,100 and 1,120 on the S&P 500 for the next several trading sessions.

This morning Boeing announced a 9.1% drop in second quarter profits as revenue declined in commercial airplanes and from defense contracts.

The profit was for $1.06, which was a nickel more than analyst expectations, so it is not a total disaster for Boeing.

Meanwhile Sprint announced its first gain in overall subscribers in three years, but posted a loss of $760 million a share for the second quarter, which was not as bad as analysts had been expecting.