S&P 500 futures were flat on Wednesday, struggling to move past their 200-day simple moving average ahead of a busy day on the earnings calendar.
Futures searched for direction as Boeing Co , the Dow industrials' best performing stock so far in 2010, reported its second-quarter earnings.
Economic data due later on Wednesday include June durable goods figures at 8:30 a.m. ET, expected to show a 1 percent monthly increase from May.
If we get above this 200-day moving average with significant volume, that takes us up to 1,140 (on the S&P 500 index), said Art Hogan, chief market analyst at Jefferies & Co in Boston. If we can't do it in short order, the next stop is down at 1080, so we're stuck here in the middle with a 50-50 chance of going either way pretty quickly.
Other companies expected to report quarterly earnings include Visa Inc , oil company ConocoPhillips and defense firm General Dynamics Corp .
The S&P 500 closed above its 200-day simple moving average on Monday for the first time in a month, but failed to confirm that close in the next session.
S&P 500 futures fell 0.1 point and were about even with fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures dropped 14 points and Nasdaq 100 futures shed 1.5 points.
The S&P 500 snapped a three-day winning streak on Tuesday after mixed earnings reports and a fall in consumer confidence. The Dow Jones industrial average added 0.1 percent while the Nasdaq was off 0.4 percent.
The global economic recovery is set to continue despite signs of slowing momentum, a senior International Monetary Fund official said on Tuesday.