Our intraday outlook is neutral, and our short-term outlook is 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

The U.S. stock market indexes were mixed between -0.2% and +0.4% yesterday, as investors continued to hesitate following recent rally. The S&P 500 index has reached yet another new all-time high at 1,881.94, extending its five-year long bull market. Potential resistance is at the psychological level of 1,900, and the nearest important support level is at around 1,865, with the next support at 1,850-1,860. For now, it looks like some sort of a short-term topping formation, however, there have been no confirmed uptrend reversal signals so far:

Expectations before the opening of today’s session are virtually flat, with index futures currently mixed between 0.0% and +0.1%. The main European stock market indexes have lost 0.2-0.9% so far. Investors will now wait for some economic data announcements: Nonfarm Payrolls and the Unemployment Rate for the month of February, Trade Balance number at 8:30 a.m. The S&P 500 futures contract (CFD) continues to trade in a relatively narrow range, following recent move up. The resistance is at around 1,880, and the nearest important support is at 1,865-1,870, as we can see on the 15-minute chart:

The technology Nasdaq 100 futures contract (CFD) remains close to its recently established multi-year high. The resistance is at 3,730-3,740, and the nearest important support is at 3,700-3,710. For now, it looks like a flat correction within uptrend, as the 15-minute chart shows:

Thank you.

Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts