Our intraday outlook is neutral, and our short-term outlook is neutral:
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 were once again mixed, between -0.2% and +0.1% on Monday, as investors continued to hesitate following recent rally. The S&P 500 index remains close to Friday’s all-time high of 1,883.57. The nearest important resistance is at around 1,880-1,900, and the support is at 1,860-1,865, among others. For now, it looks like another flat correction within uptrend, however some sort of a topping pattern cannot be excluded, as we can see on the daily chart:
Expectations before the opening of today’s session are virtually flat, with index futures currently down 0.1%. The main European stock market indexes have been mixed between -0.3% and +0.1% so far. Investors will now wait for some economic data announcements: Wholesale Inventories, JOLTS – Job Openings at 10:00 a.m. The S&P 500 futures contract (CFD) continues to trade in a relatively narrow range. The resistance is at around 1,880-1,885, and the nearest support remains at 1,865-1,870, as the 15-minute chart shows:
The Nasdaq 100 futures contract (CFD) fluctuates near the level of 3,700. The resistance is at 3,710-3,715, and the support is at 3,685. For now, it looks like a flat correction within short-term downtrend:
Thank you.
Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts