The U.S. stock market indexes are currently down between 0.6% and 1.0%, as investors react to some mixed quarterly earnings releases from companies like Boeing, Caterpillar, Eli Lilly, amongst others. The S&P 500 loses 0.6%, correcting its recent rally. For now, it only looks like an downward correction, as there are no confirmed trend reversal signals. The S&P 500 futures contract (CFD) trades near its recent consolidation at around 1,735. The support is at 1,730-1,735. The next support is at 1,715, and the resistance remains at 1,750, as we can see on the 15-minute chart:
Our intraday outlook remains bearish, and our short-term outlook is bearish, as there may be some further selling pressure due to profit taking following recent rally:
Intraday outlook: bearish
Short-term outlook: bearish
Medium-term outlook: neutral
Long-term outlook: bullish
Thank you,
Paul Rejczak