The U.S. stock market indexes were mixed between 0.0% and +0.6% yesterday, as investors hesitated following recent rally. However, before closing flat, the S&P 500 managed to reach yet another new intraday all-time record at 1,808.42. The technology Nasdaq Composite index was relatively stronger, as it made new long-term high above the level of 4,000. The S&P 500 remains slightly above 1,800 mark. The next support is at 1,770-1,775, marked by the late October, early November consolidation and last week’s low. There are no confirmed sell signals, however, index remains in an overbought territory:

Expectations before the opening of today’s session are slightly positive, with index futures currently up 0.1-0.2%. The main European stock market indexes have gained 0.1-0.2% so far. Investors will wait for some economic data announcements: Initial Claims and Durable Orders at 8:30 a.m., Chicago PMI at 9:45 a.m., Michigan Sentiment at 9:55 a.m. and Leading indicators at 10:00 a.m. The S&P 500 futures contract (CFD) continues to fluctuate in a rather narrow range, as it extends short-term consolidation above the level of 1,800. The nearest resistance is at around 1,805-1,810, as we can see on the 15-minute chart:

Our intraday outlook remains bearish, and our short-term outlook is bearish:

Intraday (next 24 hours) outlook: bearish
Short-term (next 1-2 weeks) outlook: bearish
Medium-term (next 1-3 months) outlook: neutral
Long-term outlook (next year): bullish

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Thank you,
Paul Rejczak