The major U.S. stock market indexes were virtually flat yesterday, as investors awaited Wednesday’s FOMC statement, corporate earnings releases, economic data announcements. The S&P 500 reached a new all-time high at 1,764.99, however, gaining only 0.1%. The support remains at 1,733.45-1,735.74, marked by the October 18 daily gap up. The next support is at 1,729.86, marked by the September 19 high. Still with no confirmed uptrend reversal signals, as we can see on the daily chart:

Expectations before the opening of today’s session are virtually flat, as the main European stock market indexes have gained between 0.1% and 0.3%. Investors will now wait for some economic data announcements: Producers Price Index at 8:30 a.m., Case-Shiller 20-city index at 9:00 a.m., Business Inventories and Consumer Confidence at 10:00 a.m. The S&P 500 futures contract (CFD) extends its short-term consolidation. The resistance is at around 1,760, marked by Friday’s high. The market is slightly above the short-term upward trend line, as the 15-minute chart shows:

Our intraday outlook is bearish, and our short-term outlook is neutral, as there may be some further uncertainty following recent rally:
Intraday outlook: bearish
Short-term outlook: neutral
Medium-term outlook: neutral
Long-term outlook: bullish

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Thank you,
Paul Rejczak