Stock Trading Alert: Stocks gain as optimism returns
The U.S. stock market indexes currently gain between 0.2% and 0.3%, as investors buy stocks, reacting to better-than-expected economic data announcements and hoping for a continuation of the long-term uptrend. The S&P 500 index is slightly below the level of 1,800, as it is the nearest short-term resistance. The next resistance is at around 1,810-1,815, marked by Friday’s all-time high of 1,813.55. The S&P 500 futures contract (CFD) bounced off the area of support at around 1,785-1,790. The nearest resistance is at 1,800, as we can see on the 15-minute chart:

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