The U.S. stock market indexes lost between 0.2% and 0.5% yesterday, extending their Wednesday’s retraction. For now, it only looks like a correction within a recent uptrend, as investors take some profits off the table. The S&P 500 index is around 20 points below its all-time high of 1,775.22. The nearest important support is at 1,750, and the next support is at 1,733.45-1,735.74, marked by the October 18 daily gap up. On the other hand, the resistance remains at 1,770-1,775, as we can see on the 15-minute chart:

Expectations before the opening of today’s session are slightly positive, with index futures currently up 0.1-0.2%. However, the main European stock market indexes have lost 0.1-0.4% so far. Investors will now wait for some economic data announcements: ISM Index and Construction Spending at 10:00 p.m. The S&P 500 futures contract (CFD) is in a short-term consolidation, with the support at around 1,750. The nearest resistance remains at 1,760-1,765, 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

The above analysis is the only Stock Trading Alert publication today, sorry for the inconvenience.

Thank you,
Paul Rejczak