The main U.S. stock market indexes were mixed between -0.3% and +0.1% yesterday, as investors hesitated after Wednesday’s Fed-driven rally. The S&P 500 index remains above the level of 1,800, quite near its November 29 all-time high of 1,813.55. The resistance is at 1,810-1,810. Will the uptrend continue? There is some double-top pattern formation risk, as we can see on the daily chart:

Expectations before the opening of today’s session are positive, with index futures currently gaining 0.1-0.2%. The European stock market indexes have been mixed so far. Investors will now wait for the GDP number announcement at 8:30 a.m. The S&P 500 futures contract (CFD) trades in a relatively narrow range, extending its short-term consolidation following recent move up. The nearest resistance is at around 1,810, as the 15-minute chart shows:

Our intraday outlook remains 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

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Thank you,
Paul Rejczak