The main U.S. stock market indexes gained between 0.3% and 0.8% yesterday, extending their recent advance. Investors keep buying stocks, as year-end optimism raises expectations. The S&P 500 index achieved yet another new all-time high at 1,842.84. The nearest support is at 1,829.75-1,834.96, marked by yesterday’s daily gap up, and the next support is at around 1,810-1,815. For now, there are no confirmed uptrend reversal signals, however, the market seems to be overbought, as we can see on the daily chart

Expectations before the opening of today’s session are virtually flat, however, the European stock market indexes have gained between 0.7% and 1.0% so far. The S&P 500 futures contract (CFD) trades in a relatively narrow range, after recent move up. The support remains at around 1,820-1,825, and the resistance seems to be at 1,835-1,840, as the 15-minute chart shows:

Our intraday outlook is neutral, and our short-term outlook is bullish:

Intraday (next 24 hours) outlook: neutral
Short-term (next 1-2 weeks) outlook: bullish
Medium-term (next 1-3 months) outlook: neutral
Long-term outlook (next year): bullish

The above analysis is the first of today's 2+ Stock Trading Alerts. Stay as updated as possible on the current events and trends on the
stock market by choosing our Stock Trading Alert subscription service

Thank you,
Paul Rejczak