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

The main U.S. stock market indexes gained between 0.6% and 1.2% yesterday, retracing most of their recent move down, as investors reacted to positive geopolitical news concerning Russia-Ukraine conflict, among others. The S&P 500 index got closer to its March 7 all-time high of 1,883.57. The resistance is at around 1,880-1,900. On the other hand, the nearest important support is at around 1,850, marked by previous resistance. The market remains above the December-January consolidation, which is a positive signal, as we can see on the daily chart:

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 been mixed between -0.1% and +0.2% so far. Investors will now wait for the FOMC Rate Decision announcement at 2:00 p.m. The S&P 500 futures contract (CFD)  is in an intraday upward trend, testing the resistance at around 1,865-1,870, marked by previous consolidation. The next resistance is at 1,880-1,885. On the other hand, the nearest important support is at 1,850-1,855, as the 15-minute chart shows:

The technology Nasdaq 100 futures contract (CFD) fluctuates around the level of 3,700, as investors bet on continuation of the long-term uptrend. The resistance is at around 3,720-5,740. The nearest important support is at 3,650-3,670:

Thank you.

Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts