Our intraday outlook is neutral, and our short-term outlook is bullish, following breakout above month-long consolidation:

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

The U.S. stock market indexes were mixed between -0.8% and 0.0% yesterday, as investors hesitated following recent rebound. The S&P 500 index has reached yet another new intraday all-time high at 1,893.80, slightly extending Wednesday’s move up. The resistance is at the psychological 1,900, and the nearest important support remains at around 1,880-1,885, marked by previous resistance. The market continues its long-term uptrend. However, we can see some negative technical divergences. There have been no confirmed uptrend reversal signals so far, as the daily chart shows:

Expectations before the opening of today’s session are positive, with index futures currently up 0.2-0.3%. The main European stock market indexes have gained 0.2-0.4% so far. Investors will now wait for the monthly jobs data report release:  Nonfarm Payrolls, Unemployment Rate at 8:30 a.m. The S&P 500 futures contract (CFD) trades close to its long-term highs, with a potential resistance at around 1,900. The support is at 1,875, marked by previous resistance, as the 15-minute chart shows:

The technology Nasdaq 100 futures contract (CFD) remains relatively weaker, as it fluctuates along the level of 3,650, 2-3% below March highs. The nearest resistance is at 3,660-3,670, and the support is at 3,600-3,610, among others:

Thank you.

Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts