Briefly: In our opinion no speculative positions are justified.

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

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

The main U.S. stock market indexes were mixed between 0.0% and +1.0% on Thursday, as investors hesitated following corporate earnings releases, economic data announcements. The S&P 500 index has been little changed, gaining 0.2% and extending its short-term consolidation. The resistance remains at around 1,880-1,900, marked by the April 4 all-time high of 1,897.28. On the other hand, the support level is at 1,840-1,850. There is no clear medium-term direction, as we can see on the daily chart:

Expectations before the opening of today’s session are negative, with index futures currently down 0.2-0.3%. The European stock market indexes have lost 0.3-1.1% so far. Investors will now wait for the Michigan Sentiment number release at 9:55 a.m. The S&P 500 futures contract (CFD) trades in a relatively narrow short-term range, just below the resistance of 1,880-1,900. The nearest important support is at around 1,865-1,870. For now, it looks like a flat correction within recent uptrend. There have been no confirmed negative signals so far:

The technology Nasdaq 100 futures contract (CFD) fluctuates along the level of 3,600. The support is at 3,540-3,550. Analogously, there have been no confirmed negative signals so far, as the 15-minute chart shows:

Concluding, there is still no clear short-term direction, as indexes continue to fluctuate following recent move up. We will wait for another opportunity to open a trading position – at this time opening one doesn’t seem justified from the risk/reward point of view.

Thank you.

Paul Rejczak
Stock Trading Strategist
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