Briefly: In our opinion, no speculative positions are justified.

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

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

The U.S. stock market indexes were mixed between -0.7% and +0.1% on Thursday, as investors hesitated following Wednesday's move up. The S&P 500 index remains relatively close to its late February all-time high of 2,119.59. The nearest important level of resistance is at 2,100-2,120. On the other hand, support level is at around 2,080, marked by some recent local highs. The broad stock market extends its medium-term consolidation, following last year's October-November rally:

Expectations before the opening of today's trading session are positive, with index futures currently up 0.4-0.6%. The European stock market indexes have gained 0.2-0.9% so far. The S&P 500 futures contract (CFD) is in an intraday uptrend, as it retraces yesterday's move down. The nearest important level of resistance is at around 2,100, marked by recent local highs, as we can see on the 15-minute chart:

The technology Nasdaq 100 futures contract (CFD) extends its short-term uptrend today. The nearest important level of support is at around 4,420, marked by recent consolidation. On the other hand, resistance level is at 4,450-4,480. There have been no confirmed short-term negative signals so far, as the 15-minute chart shows:

Concluding, the broad stock market is in a short-term consolidation, following Wednesday's rally. There have been no confirmed negative signals so far. For now, it looks like some further medium-term consolidation, following last year's October-November rally. We prefer to be out of the market, avoiding low risk/reward ratio trades. We will let you know when we think it is safe to get back in the market.

Thank you.

Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts