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S&P 500 unlikely to budge far from 2,000 on Wednesday

Traders on the floor of the New York Stock Exchange.
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The second trading session of September could look much like the first, with the fluctuating around all-time highs.

Investors on Tuesday returned after a long holiday weekend to better-than-expected reports on manufacturing and construction spending only to pay them little heed, with the S&P 500 rising to another intraday record early on before turning negative.

Read MoreU.S. stocks finish mixed; S&P 500 clings to 2,000

"We've had a pretty good chain of reports, which could justify why the S&P 500 is at an all-time high. But there is both a psychological and technical resistance at 2,000; we've really consolidated around that level for the last five sessions," said Randy Frederick, managing director of trading and derivatives at Charles Schwab.