The major U.S. stock market indexes were virtually flat yesterday, as investors remained uncertain after recent move up. The S&P 500 index lost 0.2%, as it continued its fluctuations below the resistance of 1,770-1,775, marked by the October 30 all-time high at 1,775.22. On the other hand, the nearest important support remains at around 1,750. For now, this almost month long consolidation only looks like a flat correction within the long-term uptrend, however, a negative scenario cannot be excluded, as the market struggles with the resistance at around 1,775:

Expectations before the opening of today’s session are slightly negative, with index futures currently down between 0.2% and 0.3%. The European stock market indexes have lost 0.3-1.1% so far. The S&P 500 futures contract (CFD) remains in a consolidation. The nearest important resistance is at around 1,770-1,775, and the support is at 1,750, as the 15-minute chart shows:

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

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

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Thank you,
Paul Rejczak