The U.S. stock market indexes are currently up 0.1-0.3%, extending yesterday’s move up. The S&P 500 index flirts with the level of 1,800 and the resistance marked by Monday’s all-time high at 1802.33. The S&P 500 futures contract (CFD) is slightly below its recent high, as the resistance remains at around 1,795-1,800. On the other hand, the nearest important support is at 1,775-1,780, as we can see on the 15-minute chart:
The Nasdaq 100 future contract (CFD) broke above the level of 3,400. The nearest important resistance is at around 3,420, marked by recent topping consolidation. Investors hope for a continuation of the long-term uptrend and a breakout above Monday’s high:
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