The main U.S. stock market indexes were mixed between -0.1% and +0.2% yesterday, as investors continued to take some profits following recent advance. The S&P 500 index remains near Friday’s intraday all-time high of 1,844.89. The nearest important support is at 1,829.75-1,834.96, marked by Thursday’s daily gap up. There are no confirmed uptrend reversal signals. For now, it looks like a flat correction within the recent move up, as we can see on the daily chart:

Expectations before the opening of the last trading session this year are virtually flat, as the European stock market indexes have gained 0.2% so far. With no economic data releases scheduled today, we may not see any significant movement. The S&P 500 futures contract (CFD) trades in a relatively narrow range. The nearest support remains at around 1,830, as the 15-minute chart shows:

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

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

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Thank you,
Paul Rejczak