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 major U.S. stock market indexes gained between 0.3% and 0.6% on Tuesday, as investors continued to hesitate following recent volatile action. The S&P 500 index extended its few week long consolidation below the resistance of 1,880-1,900. On the other hand, the support remains at 1,840-1,850. For now, it looks like a flat correction within long-term uptrend, however some sort of a topping consolidation pattern formation cannot be excluded:

Expectations before the opening of today’s session are positive, with index futures currently up 0.3-0.5%. The European stock market indexes have gained 0.5-1.3% so far. Investors will now wait for the Durable Orders number announcement at 8:30 a.m. The S&P 500 futures contract (CFD) continues to consolidate along the level of 1,850. The nearest important support is at around 1,830-1,840, and the resistance is at 1,875-1,880. There is no clear short-term direction, as we can see on the 15-minute chart:

The technology Nasdaq 100 futures contract (CFD) bounced off the support level at around 3,580-3,600, as investors hoped for  the end of a downward correction. The nearest resistance is at around 3,650-3,660, and the next resistance is at 3,700, as the 15-minute chart shows:

Thank you.

Paul Rejczak
Stock Trading Strategist
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