The main U.S. stock market were mixed between -0.6% and +0.3% on Friday, as investors hesitated following series of economic data releases and quarterly corporate earnings announcements. The S&P 500 index extended its short-term consolidation, as it remained quite close to last Wednesday’s all-time high of 1,850.84. The nearest important resistance is at around 1,850. On the other hand, the support is at around 1,810, marked by the November-December consolidation and some of the recent local lows. For now, it looks like a flat correction within an uptrend, as the daily chart shows:

Expectations before the opening of today’s session are positive, with index futures currently up 0.2-0.4%. The European stock market indexes have gained 0.2-0.5% so far. Investors will wait for some more quarterly earnings releases. The S&P 500 futures contract (CFD) trades near its long-term highs, extending recent fluctuations. The resistance is at around 1,840-1,845, and the nearest important support is at around 1,830, marked by last week’s local low, as we can see on the 15-minute chart:

The Nasdaq 100 futures contract (CFD) trades slightly above the level of 3,600, which is a positive short-term signal, following recent retracement. The nearest important support is at around 3,575-3,580, marked by Friday’s local low. On the other hand, the resistance seems to be at 3,605-3,610:

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

Thank you,
Paul Rejczak