Our intraday outlook is neutral, and our short-term outlook is now neutral, following Friday’s move down:

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

The U.S. stock market indexes lost between 1.0% and 2.7% on Friday, as investors reacted negatively to monthly jobs data release. However, the S&P 500 index has managed to reach yet another new intraday all-time high at  1,897.28, before going down to its daily low at 1,863.26. The nearest important resistance remains at 1,880-1,900, and the support is at 1,840-1,850, marked by March local lows, among others. For now, it looks like some sort of a medium-term topping pattern, however, further consolidation along the level of 1,850-1,900 cannot be ruled out:

Expectations before the opening of today’s session are negative, with index futures currently down 0.3-0.7%. The main European stock market indexes have lost 0.5-1.1% so far. The S&P 500 futures contract (CFD) trades in a relatively narrow intraday range, following Friday’s selloff. The nearest resistance is at around 1,860, with potential support at 1,840-1,850, marked by the late March local lows, as the 15-minute chart shows:

The technology Nasdaq 100 futures contract (CFD) is relatively weaker, as it trades below its March lows. The resistance is at around 3,550, and a potential support is at the psychological level of 3,500. There have been no positive signals so far, however, we can see some oversold:

Thank you.

Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts