The major U.S. stock market indexes trade virtually flat after series of better-than-expected economic data announcements. The S&P 500 index remains few points below the level of 1,800, as investors hope correction will be over soon. The resistance is at 1,800, and the next resistance is at 1,810-1,815, marked by Friday’s all-time high of 1,813.55. The S&P 500 futures contract (CFD) extends its recent consolidation, above the support of 1,775-1,800. The nearest resistance is at the psychological 1,800, as we can see on the 15-minute chart:

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

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

Thank you,
Paul Rejczak