The U.S. stock market indexes currently gain between 0.2% and 0.6%, as investors react to some better-than-expected corporate earnings. The S&P 500 index trades slightly below Tuesday’s all-time high of 1,759.33. The S&P 500 futures contract (CFD) remains in a short-term consolidation, as it is above the level of support at around 1,735, and below the resistance level at 1,750-1,755. Also, the price is still above its upward trend line, as we can see on the 15-minute chart:

The Nasdaq 100 futures contract (CFD) is relatively stronger, as it is near its new long-term high, however, only slightly above Tuesday’s daily high, after retracing some of the recent move up. The nearest important resistance seems to be at around 3,390-3,400, as the 15-minute chart shows:

Our intraday outlook is bearish, and our short-term outlook remains neutral, as there may be some further uncertainty following recent rally:

Intraday outlook: bearish
Short-term outlook: neutral
Medium-term outlook: neutral
Long-term outlook: bullish

Thank you,
Paul Rejczak