The U.S. stock market indexes are currently flat after a higher open, as investors take some profits off the table following last week’s rally. The S&P 500 reached a new intraday all-time high at 1,808.1 and now trades with no change vs. Friday’s closing price. The S&P 500 futures contract (CFD) remains above the level of 1,800, however slightly below earlier intraday consolidation, as we can see on the 15-minute chart:

The technology stocks Nasdaq 100 futures contract (CFD) retraced its intraday move up, and trades near its Friday’s closing price as well. The resistance is at around 3,435-3,440, and the nearest support is at around 3,415-3,420, marked by the recent consolidation, as the 15-minute chart shows:

Our intraday outlook remains bearish, and our short-term outlook is bearish:

Intraday (next 24 hours) outlook: bearish
Short-term (next 1-2 weeks) outlook: bearish
Medium-term (next 1-3 months) outlook: neutral
Long-term outlook (next year): bullish

Thank you,
Paul Rejczak