The U.S. stock market indexes extend their short-term consolidation, as they are mixed between 0.0% and -0.3%. The S&P 500 is the weakest, losing 0.3% and getting closer to the support at around 1,770-1,775. The S&P 500 futures contract may still form a positive reversed head and shoulders pattern, if it breaks above the resistance at 1,780-1,785. For now, it looks like a consolidation following yesterday’s rebound, as the 15-minute chart shows:

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

Thank you,
Paul Rejczak