Our intraday outlook is neutral, and our short-term outlook remains 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 U.S. stock market indexes gained 0.7-0.8% on Monday, as investors bought stocks ahead of quarter’s end, Friday’s unemployment data release, among others. The S&P 500 index extends its month-long consolidation, as it bounced off the support at 1,840-1,850. The resistance is at 1,880-1,900. For now, it looks like a flat correction within long-term uptrend. There have been no confirmed negative signals so far:

Expectations before the opening of today’s session are positive, with index futures currently up 0.1-0.2%. The main European stock market indexes have gained 0.5-0.6% so far. Investors will now wait for some economic data announcements: ISM Index, Construction Spending at 10:00 a.m. The S&P 500 futures contract (CFD) continues its recent consolidation, as it trades slightly higher, following Friday’s rebound. The resistance is at around 1,875, and the support remains at 1,830-1,840, as we can see on the 15-minute chart:

The technology Nasdaq 100 futures contract (CFD) extends its fluctuations along the level of 3,580-3,600. For now, it looks like a correction within downtrend, however a downtrend reversal cannot be ruled out. There is no clear short-term direction, as the 15-minute chart shows:

Thank you.

Paul Rejczak
Stock Trading Strategist
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