The U.S. stock market indexes gained between 0.4% and 0.7% yesterday, as investors hoped for a budget crisis deal and some positive quarterly earnings releases. The S&P 500 index was up 0.4%, moving back above the level of 1,700. The nearest resistance is at 1,700-1,710. There are no confirmed short-term uptrend reversal signals so far. The nearest important support is at around 1,670-1,690, as we can see on the daily chart:

Expectations before the opening of today’s session are slightly positive, with index futures currently gaining between 0.1% and 0.2%. The main European stock market indexes have gained 0.5-0.7%. Investors will now wait for the Empire manufacturing report release at 8:30 a.m. The S&P 500 futures contract (CFD) trades in a rather tight range, consolidating after the recent move up. The resistance is at 1,715-1,725, marked by the late September topping consolidation. On the other hand, the nearest support is at 1,695-1,700, as the 15-minute chart shows:

Intraday outlook: neutral
Short-term outlook: bullish
Medium-term outlook: neutral
Long-term outlook: bullish

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Thank you,
Paul Rejczak