The U.S. stock market indexes gained between 0.2% and 0.7% on Thursday, as investors were buying stocks ahead of the long Thanksgiving weekend. However, the S&P 500 index remained in its short-term consolidation, slightly below Tuesday’s all-time high of 1,808.42. The nearest important support is at around the psychological 1,800. So far, it looks like a flat correction within an uptrend, however, there is some overbought which may lead to a downward correction, as we can see on the daily chart:

Expectations before the opening of today’s shortened session are positive, with index futures currently up 0.2-0.5%. The main European stock market indexes have been mixed so far. The S&P 500 futures contract (CFD) extends its fluctuations below the recent highs. The nearest important resistance is at around 1,810, and the support is at 1,800, as the 15-minute chart shows:

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

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

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Thank you,
Paul Rejczak