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

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

The main U.S. stock market indexes gained between 0.4% and 0.9%, extending their recent move up, as investors hoped for a continuation of the long-term uptrend. The S&P 500 index got closer to its January 15 all-time high of 1,850.84. The nearest important resistance is at around 1,840-1,850. There are no confirmed sell signals, however, we can see overbought conditions here, following recent rally. On the other hand, the nearest support is at 1,800-1,810, marked by the previous resistance:

Expectations before the opening of today’s session are mixed, with index futures currently little changed vs. their yesterday’s closes. The European stock market indexes have gained 0.1-0.5% so far. Investors will now wait for some economic data announcements: Industrial Production and Capacity Utilization at 9:15 a.m., Michigan Sentiment number at 9:55 a.m. The S&P 500 futures contract (CFD) remains in a short-term uptrend, close to its January long-term highs. The nearest resistance is at around 1,830-1,845, and the support is at the psychological 1,800, as we can see on the 15-minute chart:

The technology Nasdaq 100 futures contract (CFD) is relatively stronger, as it accelerates its long-term uptrend, reaching new highs. The nearest important support is at around 3,630-3,640, marked by the January local highs, as the 15-minute chart shows:

Thank you.

Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts