The major U.S. stock market indexes gained between 0.5% and 1.1% yesterday, extending their recent move up. The S&P 500 index reached the new all-time high at 1,829.75. The nearest important support is at 1,810-1,815, marked by some previous resistance levels. There are no confirmed uptrend reversal signals, as we can see on the daily chart:
Expectations before today’s shortened session are virtually flat, with index futures currently gaining 0.1%. The European stock market indexes have gained between 0.1% and 0.3%. Investors will now wait for some economic data announcements: Durable Orders at 8:30 a.m., New Home Sales at 10:00 a.m. The S&P 500 futures contract (CFD) is in a slight short-term uptrend, testing the resistance at 1,820-1,825, as the 15-minute chart shows:
Our intraday outlook is neutral, and our short-term outlook is bullish:
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 above analysis is the first of today's 2+ Stock Trading Alerts. Stay as updated as possible on the current events and trends on the
stock market by choosing our Stock Trading Alert subscription service
Thank you,
Paul Rejczak
