Our intraday outlook is now 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 lost between 0.7% and 0.9% on Monday, as investors reacted to Russia-Ukraine conflict news. The S&P 500 index has managed to stay above the level of support at around 1,840, trading 1-2% below Friday’s all-time high of 1,867.92. For now, it looks like a correction within long-term uptrend. The resistance is at 1,860-1,870, marked by an all-time high. On the other hand, the support remains at around 1,825-1,840, as we can see on the daily chart:

Expectations before the opening of today’s session are positive, with index futures currently up 1.1-1.2%. The European stock market indexes have gained 1.5-2.2% so far. Investors will now wait for Friday’s U.S. jobs data release, paying attention to the news regarding Russia-Ukraine conflict. The S&P 500 futures contract (CFD) bounced off the support at around 1,830-1,835, and now it trades closer to Friday’s session upper limits. The resistance is at 1,860-1,865, and the nearest important support is at 1,845-1,850:

The technology Nasdaq 100 futures contract (CFD) trades slightly above the level of 3,700, which is a positive sign. The nearest resistance level is at around 3,720, marked by Friday’s high. On the other hand, the support remains at around 3,680, as the 15-minute chart shows:

Thank you.

Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts