The U.S. stock market indexes have closed down between 0.2% and 0.5% today, as investors reacted to FOMC statement. However, the S&P 500 index reached a new all-time high at 1,775.22. The resistance remains at around 1,770-1,775. The S&P 500 futures contract (CFD) broke below the recent upward trend line, which is a negative signal, as we can see on the 15-minute chart:
The Nasdaq 100 futures contract (CFD) bounced off the level of resistance at around 3,400. Actually, the market extends a week-long consolidation in a relatively narrow range, as the 15-minute chart shows:
Our intraday outlook remains bearish, and our short-term outlook is still neutral, as there may be some uncertainty following recent rally:
Intraday outlook: bearish
Short-term outlook: neutral
Medium-term outlook: neutral
Long-term outlook: bullish
Thank you,
Paul Rejczak