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

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

The main U.S. stock market indexes were mixed between -0.2% and +0.4% on Tuesday, as investors continued to hesitate following recent rally. The S&P 500 index remains slightly below its January 15 all-time high of 1,850.84. So, the nearest important technical resistance is at around 1,840-1,850. On the other hand, the support is at 1,800-1,810. For now, there are no confirmed uptrend reversal signals, however, the market extends its medium-term consolidation, as it fluctuates around the level of 1,800:

Expectations before the opening of today’s session are slightly negative, with index futures currently down 0.1-0.2%. The European stock market indexes have lost 0.1-0.3%. so far. Investors will wait for some economic data announcements: Housing Starts, Building Permits and the Producer Price Index at 8:30 a.m., FOMC Minutes release at 2:00 p.m. The S&P 500 futures contract (CFD) trades in a relatively narrow range. The nearest resistance is at 1,840, and the support is at around 1,830. For now, there are no confirmed uptrend reversal signals, however, the market may form some sort of a short-term topping pattern. The next support is at around 1,800-1,820, as we can see on the 15-minute chart:

The Nasdaq 100 futures contract (CFD) remains in a slow uptrend, reaching new long-term highs. There is a possible resistance at around 3,690-3,700, and the nearest important support is at around 3,655, as the 15-minute chart shows:

Thank you.

Paul Rejczak
Stock Trading Strategist
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