The main U.S. stock market indexes are currently down between 0.3% and 0.6%. The market slightly rebounded from the earlier lows. The S&P 500 index is down 0.4%, just below the level of 1,750. The S&P 500 futures contract (CFD) continues to trade near its recent consolidation at around 1,735. The support remains at 1,730-1,735. On the other hand, the resistance is at 1,750, as the 15-minute chart shows:
The Nasdaq 100 futures contract (CFD) is in a short-term downward correction of the recent rally. The resistance remains at 3,360-3,370, marked by Monday's volatile topping consolidation. The nearest important support is at around 3,310, marked by the earlier consolidation, as we can see on the 15-minute chart:
Our intraday outlook is bearish, and our short-term outlook is bearish, as there may be some further selling pressure due to profit taking following recent rally:
Intraday outlook: bearish
Short-term outlook: bearish
Medium-term outlook: neutral
Long-term outlook: bullish
Thank you,
Paul Rejczak