The major U.S. stock market indexes extend their short-term consolidation, moving around Friday’s closing prices in a relatively narrow range. The S&P 500 index currently gains 0.2%, as it remains less than 1% below last week’s all-time high of 1,775.22. The S&P 500 futures contract (CFD) trades above the level of 1,750. The nearest important resistance is at around 1,770:

The Nasdaq 100 futures contract (CFD) remains in an analogous consolidation, just below the resistance at around 3,390-3,400. On the other hand, the support is at 3,360-3,365, as we can see on the 15-minute chart:

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

Thank you,
Paul Rejczak