The main U.S. stock market indexes are down between 0.5% and 0.7% as investors take profits following recent advance. The S&P 500 is less than one percent below its Tuesday’s intraday all-time high of 1,849.44. It marks the nearest important resistance at around 1,850. On the other hand, the support remains at 1,829.75-1,834.96, marked by last Thursday’s daily gap up. The S&P 500 futures contract (CFD) trades below year’s end consolidation, entering a short-term correction. The support is at around 1,825-1,830, 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

Thank you,
Paul Rejczak