The U.S. stock market indexes are currently down between 0.8% and 1.6%, as investors flee market following economic data, European Central Bank rate decision, fearing ahead of tomorrow’s jobs report release. The S&P 500 index is down 1.2%, as it extends its drop. The S&P 500 futures contract (CFD) broke below the support at around 1,750, which is a negative signal, as we can see on the 15-minute chart:
The Nasdaq 100 futures contract (CFD) remains relatively weaker, as it broke below the support at 3,360-3,365. The price is decisively below the recent consolidation, which is a negative signal:
Our intraday outlook is bearish, and our short-term outlook is now bearish:
Intraday outlook: bearish
Short-term outlook: bearish
Medium-term outlook: neutral
Long-term outlook: bullish
Thank you,
Paul Rejczak