The U.S. stock market index currently gains between 0.1% and 0.2%, as investors hesitate after recent rally, and before the FOMC Rate Decision (to be announced today at 2:15 p.m.). The S&P 500 index reached a new all-time high at 1,775.22, however, only slightly above yesterday’s high of 1,772.04. The S&P 500 futures contract (CFD) retraced some of the recent move up and approached its short-term upward trend line. The resistance remains at around 1,770-1,775, and the nearest important support is at 1,760-1765. Breakout below the trend line would be a negative technical signal, as we can see on the 15-minute chart:

Despite being wrong recently, our intraday outlook remains bearish, and our short-term outlook is still neutral, as there may be some uncertainty following recent rally:
Intraday outlook: bearish
Short-term outlook: neutral
Medium-term outlook: neutral
Long-term outlook: bullish

Thank you,
Paul Rejczak