The main U.S. stock market indexes are currently down between 0.1% and 0.4%, extending their short-term consolidation, as investors react to some economic data announcements. The S&P 500 index is 0.4% down, fifteen points below the level of 1,800. The S&P 500 futures contract (CFD) trades above the support at around 1,775-1,780. On the other hand, resistance remains at 1,800. Still with no clear short-term direction, and within yesterday’s volatile trade, as the 15-minute chart shows:

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

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

Thank you,
Paul Rejczak