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

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

The U.S. stock market indexes were mixed between -0.1% and +0.4% yesterday, after rebounding from short-term lows, as investors continued to hesitate. The S&P 500 index managed to stay above the nearest important support of 1,850-1,860. The resistance remains at 1,880-1,900, marked by the March 7 all-time high of 1,883.57, among others. For now, it looks like a correction within long-term uptrend. However, a break below the support at 1,850 would now be negative, as we can see on the daily chart:

Expectations before the opening of today’s session are positive, with index futures currently up 0.2-0.3%. The main European stock market indexes have been mixed so far. Investors will now wait for series of economic data announcements: Initial Claims, Retail Sales at 8:30 a.m., Business Inventories at 10:00 a.m. The S&P 500 futures contract (CFD) bounced off 1,855-1,860 area, marking the nearest important support. On the other hand, the resistance is at around 1,880-1,885, as the 15-minute chart shows:

The technology Nasdaq 100 futures contract (CFD) trades quite close to its long-term high, following a rebound from the support level at around 3,660-3,665. The resistance remains at 3,725-3,735. The contract trades in a few-week long consolidation:

Thank you.

Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts