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 -0.2% and +0.2% on Wednesday, as investors hesitated following recent rally. The S&P 500 index has reached yet another new all-time high at 1,876.53, slightly above Tuesday’s intraday high. Potential resistance is at 1,875, and the next resistance is at the psychological 1,900. On the other hand, the support is at around 1,865, marked by previous resistance. The next support is at around 1,850-1,860. There have been no uptrend reversal signals so far, however, we can see some technical negative divergences:

Expectations before the opening of today’s session are slightly positive, with index futures currently up 0.1-0.2%. The European stock market indexes have gained 0.1-0.5% so far. Investors will now wait for some economic data announcements: Challenger Job Cuts report at 7:30 a.m., Initial Claims, Productivity, Unit Labor Costs at 8:30 a.m., Factory Orders release at 10:00 a.m. The S&P 500 futures contract (CFD) trades near its long-term highs, extending recent advance. Potential resistance is at 1,875, and the nearest support is at around 1,865, marked by last Friday’s local high, as we can see on the 15-minute chart:

Analogously, the technology Nasdaq 100 futures contract (CFD) remains in an uptrend, reaching new long-term highs. The nearest important support is at 3,700-3,720. For now, there have been no uptrend reversal signals, however, a downward correction cannot be excluded at some point:

Thank you.

Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts