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 were mixed between -0.5% and +0.2% on Friday, as investors reacted to the unemployment data release. The S&P 500 index has reached yet another new all-time high at 1,883.57, before closing virtually flat. The nearest important resistance is at 1,880-1,900, and the nearest support level is at around 1,860-1,865, marked by some of the recent local highs. There have been no confirmed uptrend reversal signals so far, however, we can see some uncertainty following recent rally:

Expectations before the opening of today’s session are virtually flat, with index futures mixed between -0.1% and +0.1%. The European stock market indexes have gained 0.1-0.8% so far. The S&P 500 futures contract (CFD) extends its short-term consolidation. The resistance is at around 1,885, and the nearest important support is at 1,865-1,870. For now, it looks like a flat correction within uptrend, as we can see on the 15-minute chart:

The technology Nasdaq 100 futures contract (CFD) has retraced some of its recent advance. It trades around the level of 3,700. The support is at around 3,685-2,690, and the nearest resistance is at 3,710, marked by the recent low. The next resistance remains at 3,720-3,740, as the 15-minute chart shows:

Thank you.

Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts