The U.S. stock market indexes were mixed between -0.3% and +0.7% yesterday, as investors continued to hesitate following recent move up. The S&P 500 index extended its short-term consolidation below last Wednesday’s all-time high of 1,850.84. The nearest support remains at around 1,840, marked by Wednesday’s daily gap up of 1,839.17-1,840.52. The next support is at 1,810-1,1815, marked by some of the recent local lows, amongst others. For now, it looks like a flat correction within an uptrend, however, a change of trend cannot be excluded, as index struggles at these levels for some time:

Expectations before the opening of today’s session are slightly negative, with index futures currently down between 0.1% and 0.2%. The main European stock market indexes have lost 0.1-0.4% so far. Investors will wait for some further quarterly earnings releases. The S&P 500 futures contract (CFD) extends its consolidation. The resistance is at 1,840-1,845, marked by recent highs. On the other hand, the nearest important support is at around 1,830, as the 15-minute chart shows:

The Nasdaq 100 futures contract (CFD) reached a new long-term high this morning, however it came back down, retracing the whole move up. The resistance remains at around 3,610-3,620, and the support is at 3,575-3,580, marked by recent local lows, as we can see on the 15-minute chart:

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

Thank you,
Paul Rejczak