The main U.S. stock market indexes lost between 0.2% and 0.5% yesterday, as investors reacted to FOMC statement. The market retraced some of the recent gains. For now, it only looks like a correction within an uptrend. However, the S&P 500 index managed to reach yet another new all-time high at 1,775.22. The nearest resistance is at 1,770-1,775, and the support is at around 1,760, marked by the recent local high. The next support is at 1,733.45-1,735.74, marked by the October 18 daily gap up. The index remains quite near its long-term high, as we can see on the daily chart:

Expectations before the opening of today’s session are slightly negative, with index futures currently down between 0.1% and 0.4%. The European stock market indexes have been mixed so far. Investors will now wait for some economic data announcements: Initial Claims, Personal Income and Personal Spending at 8:30 a.m., Chicago PMI at 9:45 a.m. The S&P 500 futures contract (CFD) trades in a relatively narrow range, after retracing the recent move up. The nearest important support is at around 1,750, and the resistance is at 1,770, as the 15-minute chart shows:

Our intraday outlook remains bearish, and our short-term outlook is still neutral, as there may be some uncertainty following recent rally:
Intraday outlook: bearish
Short-term outlook: neutral
Medium-term outlook: neutral
Long-term outlook: bullish

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Thank you,
Paul Rejczak