The U.S. stock market indexes are currently down between 0.1% and 0.2%, as investors seem to be taking profits after recent move up. The S&P 500 index is slightly above the psychological level of 1,800. The resistance is at around 1,813.55, marked by Friday’s intraday all-time high. The S&P 500 futures contract (CFD) extends its consolidation, as it analogously trades slightly above the level of 1,800. For now, there are no confirmed trend reversal signals, however a double top pattern cannot be excluded, 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