The main U.S. stock market indexes gained between 0.3% and 0.9% on Friday, reaching new long-term uptrend highs, as investors reacted to better-than-expected Q3 GDP data announcement. The S&P 500 made the new all-time high at 1,823.75, as it broke above the November 29 high of 1,813.55. The nearest important support is at 1,810-1,1815. On the other hand, the resistance is at 1,820-1,825. The market is above its month–long consolidation, which is a positive signal, as we can see on the daily chart:

Expectations before the opening of today’s session are positive, with index futures currently gaining 0.3-0.7%. The European stock market indexes have gained between 0.1% and 0.5% so far. Investors will now wait for some economic data announcements: Personal Income, Personal Spending and PCE Prices – Core number at 8:30 a.m., Michigan Sentiment at 9:55 a.m. The S&P 500 futures contract (CFD) is in a short-term uptrend, moving above the level of 1,820. The support remains at around 1,810, as the 15-minute chart shows:

Our intraday outlook is neutral, and our short-term outlook is now bullish:

Intraday (next 24 hours) outlook: neutral
Short-term (next 1-2 weeks) outlook: bullish
Medium-term (next 1-3 months) outlook: neutral
Long-term outlook (next year): bullish

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Thank you,
Paul Rejczak