The main U.S. stock market indexes were mixed between -0.1% and +0.4% on Friday, as investors didn’t react much to jobs report release for the month of December. The S&P 500 index practically extended its recent consolidation, as it remained below the resistance of 1,840-1,850, marked by the December 31 all-time high of 1,849.44. On the other hand, the support is at around 1,830, marked by the December 26 daily gap up (1,829.75-1,834.96). For now, it looks like a flat correction within the long-term uptrend, as there are no confirmed negative signals:

Expectations before the opening of today’s session are slightly negative, with index futures currently down 0.2-0.3%. The European stock market indexes have been mixed so far. The S&P 500 futures contract (CFD) extends its recent consolidation, as it fluctuates below the level of resistance at 1,840-1,850. Still with no clear short-term direction, as we can see on the 15-minute chart:

Analogously, the Nasdaq 100 futures contract (CFD) is in a few-week long consolidation, below the resistance at around 3,580-3,600. The nearest important support is at 3,500-3,520, marked by the recent local low. For now, it looks like short-term sideways trend, as the 15-minute chart shows:

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

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

Thank you,
Paul Rejczak