Our intraday outlook is 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 U.S. stock market indexes were mixed between -0.2% and +0.2% yesterday, as investors hesitated following recent rebound. The S&P 500 index remained solidly above the level of 1,800, just 1-2% below its January 15 all-time high of 1,850.84. Will the uptrend resume? The nearest important resistance is at around 1,840-1,850, and the support is at the psychological 1,800. For now, it looks like a medium-term consolidation, as we can see on the daily chart:

Expectations before the opening of today’s session are negative, with index futures currently down 0.5%. The main European stock market indexes have lost 0.3-0.8% so far. Investors will now wait for some economic data announcements: Initial Claims and Retail Sales at 8:30 a.m., Business Inventories at 10:00 a.m. The S&P 500 futures contract (CFD) trades below the late January consolidation, following quick rebound from the recent lows. The resistance is at around 1,830-1,840, and the nearest support is at 1,800, as the 15-minute chart shows:

The Nasdaq 100 futures contract (CFD) remains near its January high, as it is relatively stronger than the broad stock market. The resistance is at 3,630-3,640, and the support is at around 3,585-3,600. There are no confirmed negative signals, however, a downward correction cannot be excluded:

Thank you.

Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts