The main U.S. stock market indexes gained between 0.1% and 0.5% on Friday, extending their short-term consolidation following earlier strong move up. For now, it only looks like a flat correction within an uptrend. However, a trend reversal cannot be excluded here, as investors may take profits. The S&P 500 index remains near its all-time high of 1,775.22. The nearest important resistance is at 1,770-1,775. On the other hand, the support is at around 1,750. The next support is at 1,733.45-1,735.74, marked by the October 18 daily gap up. Still with no confirmed uptrend reversal signals, as we can see on the daily chart:

Expectations before the opening of today’s session are slightly positive, with index futures currently gaining 0.2-0.3%. The European stock market indexes have gained 0.2-0.4%. Investors will now wait for the Factory Orders number announcement at 10:00 a.m. The S&P 500 futures contract (CFD) is in a relatively narrow consolidation, with the support at around 1,750. The resistance remains at around 1,770, as the 15-minute chart shows:

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

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Thank you,
Paul Rejczak