The main U.S. stock market indexes currently gain between 0.1% and 0.4% as investors hope for the continuation of the Fed’s easy monetary policy. The S&P 500 index trades near its new all-time high of 1,790.80. The nearest important resistance is at the psychological 1,800. Analogously, the S&P 500 futures contract (CFD) trades near its high. The nearest support is at around 1,775-1,780, marked by today’s local low, as we can see on the 15-minute chart:

The Nasdaq 100 futures contract (CFD) remains in a short-term uptrend, testing the level of resistance at around 3,400-3,410. There are no confirmed trend reversal signals, however there is some short-term overbought:

Despite being wrong recently, our intraday outlook remains bearish, and our short-term outlook is bearish:

Intraday outlook: bearish
Short-term outlook: bearish
Medium-term outlook: neutral
Long-term outlook: bullish

Thank you,
Paul Rejczak