The main U.S. stock market indexes gained between 1.1% and 1.4% on Friday, as investors reacted to better-than-expected Nonfarm Payrolls data announcement. The S&P 500 retraced its Thursday’s decline, coming back to the resistance at around 1,770-1,775, marked by the October 30 all-time high of 1,775.22. Will the uptrend continue? Increase in volatility may be a warning sign here. The nearest important support is at around 1,750, and the next support is at 1,733.45-1,735.74, marked by the October 18 daily gap up:

Expectations before the opening of today’s session are virtually flat, as the European stock market indexes have gained 0.1-0.2%. The S&P 500 futures contract (CFD) trades near its recent highs, after bouncing off the support at around 1,735. The nearest resistance is at 1,770, as we can see on the 15-minute chart:

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

Intraday outlook: bearish
Short-term outlook: bearish
Medium-term outlook: neutral
Long-term outlook: bullish

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Thank you,
Paul Rejczak