The main U.S. stock market indexes were mixed yesterday, as investors continued to hesitate after the recent move up. The S&P 500 index lost 0.3%, extending its fluctuations below the level of resistance at around 1,770-1,775, and above the support at 1,750. For now, it only looks like a flat correction within a long-term uptrend, as we can see on the daily chart:

Expectations before the opening of today’s session are positive, with index futures currently gaining between 0.4% and 0.5%. The European stock market indexes have gained 0.1-0.8% so far. Will this short-term uptrend hold? Certainly, the market sentiment seems to be on the bullish side right now. Investors will wait for the Leading Indicators number release at 10:00 a.m. The S&P 500 futures contract (CFD) trade slightly below its resistance at around 1,770, as the 15-minute chart shows:

Our intraday outlook is neutral now, and our short-term outlook remains neutral, as there may be some further uncertainty following recent rally:

Intraday outlook: neutral
Short-term outlook: neutral
Medium-term outlook: neutral
Long-term outlook: bullish

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Thank you,
Paul Rejczak