The U.S. stock market indexes currently lose between 0.1% and 0.4%, slightly extending their yesterday’s decline. The S&P 500 index reached the nearest important support of 1,770-1,775, as investors continue to take profits, fearing that the Fed may finally begin tapering its stimulus program. However, the S&P 500 futures contract (CFD) fluctuates in a rather narrow intraday range. The support remains at 1,785-1,780, as we can see on the 15-minute chart:

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

Thank you,
Paul Rejczak