The major U.S. stock market indexes were mixed between -0.1% and +0.2% yesterday, as investors hesitated after recent rally. The S&P 500 index managed to reach another new all-time high at 1,808.10 before closing slightly lower, around 6 points below this record high. The nearest important support is at 1,795-1,800, and the next support is at 1,770-1,775, marked by late October, early November consolidation and last week’s local low, as we can see on the daily chart:

Expectations before the opening of today’s session are virtually flat, as the European stock market indexes have lost 0.1-0.4%. Investors will now wait for the economic data announcements: Housing Starts and Building Permits at 8:30 a.m., Case-Shiller 20-city Index at 9:00 a.m. and the Consumer Confidence at 10:00 a.m. The S&P 500 futures contract (CFD) trades in a relatively narrow range, slightly above the level of 1,800. The resistance is at 1,805-1,810, and the support is at around 1,790-1,800, as the 15-minute chart shows:

Our intraday outlook remains bearish, and our short-term outlook is bearish:

Intraday (next 24 hours) outlook: bearish
Short-term (next 1-2 weeks) outlook: bearish
Medium-term (next 1-3 months) outlook: neutral
Long-term outlook (next year): bullish

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Thank you,
Paul Rejczak