The U.S. stock market indexes currently lose between 0.1% and 0.2%. The market extends its short-term consolidation, slightly below the recent highs. The S&P 500 index is down 0.2%, as it continues to fluctuate below the resistance at 1,770-1,775 and above the support at around 1,750. The S&P 500 futures contract (CFD) trades over the level of 1,750, slightly extending its recent volatility, as we can see on the 15-minute chart:
The Nasdaq 100 futures contract (CFD) remains in a relatively narrow range. The resistance is at 3,390-3,400, and the nearest important support is at around 3,365, as the 15-minute chart shows:
Our intraday outlook remains bearish, and our short-term outlook is still neutral, as there may be some further uncertainty following recent rally:
Intraday outlook: bearish
Short-term outlook: neutral
Medium-term outlook: neutral
Long-term outlook: bullish
Thank you,
Paul Rejczak