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 +0.1% yesterday, as investors continued to hesitate, following recent move up. The S&P 500 index remains slightly below Monday’s all-time high of 1,858.71. The nearest resistance is at 1,850-1,860, and the support is at 1,825-1,840, marked by some of the recent local lows. For now, it looks like a consolidation within uptrend, however, a downward correction cannot be excluded here:

Expectations before the opening of today’s session are negative, with index futures currently down 0.3-0.4%. The main European stock market indexes have lost 0.8-1.4% so far. Investors will now wait for some economic data announcements: Initial Claims, Durable Orders at 8:30 a.m. The S&P 500 futures contract (CFD) is in a downward correction, as it trades below the recent consolidation. The resistance is at around 1,840, and the nearest important support is at 1,820-1,830, as we can see on the 15-minute chart:

The technology Nasdaq 100 futures contract (CFD) practically remains in a two-week long consolidation, bouncing off the resistance at 3,690-3,700. On the other hand, the nearest important support is at around 3,640-3,650, as the 15-minute chart shows:

Thank you.

Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts