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

Intraday (next 24 hours) outlook: bearish
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 0.1-0.2% on Tuesday, as investors continued to take some profits following recent advances. The S&P 500 index remains near Monday’s all-time high of 1,858.71, fluctuating around the level of 1,850. The nearest important support is at around 1,825-1,840, marked by some of the recent local lows. On the other hand, the resistance is at 1,850-1,860. For now, it looks like a consolidation within an uptrend, as we can see on the daily chart:

Expectations before the opening of today’s session are positive, with index futures currently up 0.2%. However, the major European stock market indexes have lost between 0.2% and 0.3% so far. Investors will now wait for the New Home Sales data release at 10:00 a.m. The S&P 500 futures contract (CFD) trades near its recent high, as investors expect rally to continue. The resistance is at around 1,855, and the nearest support is at 1,840, as the 15-minute chart shows:

Analogously, the technology Nasdaq 100 futures contract (CFD) remains close to its recent high. The resistance is at the psychological level of 3,700, the nearest important support is at around 3,685, and the next support is at around 3,670. For now, there have been no confirmed uptrend reversal signals, however, a double-top pattern formation cannot be excluded:

Thank you.

Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts