The main U.S. stock market indexes are down between 0.4% and 0.9%, extending their downward correction. The S&P 500 index loses 0.7%, moving away from the level of 1,800. However, it remains within the recent consolidation, above its support at 1,770-1,775. The S&P 500 futures contract (CFD) retraced most of its recent move up. The nearest support is at 1,775-1,780, marked by the early December local lows, as we can see on the 15-minute chart:

The technology sector Nasdaq 100 futures contract (CFD) similarly retraced its recent advance, as it trades below the level of 3,500. The resistance remains at 3,520. On the other hand, the support is at 3,450-3,470, as the 15-minute chart shows:

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