The main U.S. stock market indexes gained between 0.8% and 1.3% on Friday, as investors reacted to better-than-expected jobs report announcement for the month of November. The S&P 500 index retraced most of its recent decline, getting closer to the November 29 all-time high of 1,813.55 (Friday’s daily high at 1,806.04). The nearest resistance is at 1,810-1,815, and the main support remains at 1,770-1,775. For now, it looks like a few-week long consolidation following October-November uptrend, as we can see on the daily chart:

Expectations before the opening of today’s session are virtually flat, with index futures currently gaining 0.1%. The European stock market indexes have been mixed so far. The S&P 500 futures contract (CFD) trades above its Friday’s range, however, near the resistance at around 1,810. The support is at 1,800, 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

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Thank you,
Paul Rejczak