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

Intraday (next 24 hours) outlook: neutral
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 0.3% and 0.7% retracing their recent move down, as investors kept buying stocks, hoping long-term uptrend will continue. The S&P 500 index remains close to its March 7 all-time high of 1,883.57. The nearest important resistance is at around 1,880-1,900. On the other hand, the support is at 1,840-1,850. For now, it looks like a consolidation within uptrend, as we can see on the daily chart:

Expectations before the opening of today’s session are positive, with index futures currently up 0.2-0.3%. The European stock market indexes have gained 0.3-0.5% so far. The markets await so called “quadruple witching hour”, when derivative contracts expire. The S&P 500 futures contract (CFD) is in an intraday uptrend, moving above Wednesday’s local high. Potential resistance is at around 1,880-1,885, and the nearest support is at around 1,860, as the 15-minute chart shows:

The technology Nasdaq 100 futures contract (CFD) trades near Wednesday’s local high, as it fluctuates near the level of 3,700. The resistance is at 3,720-3,740, and the nearest important support is at around 3,680. The market extends its few week long consolidation:

Thank you.

Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts