The main U.S. stock market indexes have opened up between 0.1% and 0.3% today, extending their short-term consolidation. The market remains in a flat correction of the recent rally. The S&P 500 index is up 0.1%, near the level of 1,750. The resistance is at 1,759.33, marked by Tuesday’s all-time high. The S&P 500 futures contract (CFD) trades in a relatively narrow range, with the nearest support at 1,735, and resistance at around 1,750, as we can see on the 15-minute chart:

The Nasdaq 100 futures contract (CFD) is in an analogous short-term consolidation. The resistance is at 3,360-3,370, and support is at 3,310-3,320. For now, it only looks like a flat correction of the recent uptrend, as the 15-minute chart shows:

Our intraday outlook is neutral, and our short-term outlook is neutral, as there may be some further uncertainty following recent rally:

Intraday outlook: neutral
Short-term outlook: neutral
Medium-term outlook: neutral
Long-term outlook: bullish

Thank you,
Paul Rejczak