The main U.S. stock market indexes were mixed between 0.0% and -0.3% on Friday, as investors decided to take some profits following recent move up. However, the S&P 500 index managed to reach yet another new intraday all-time high at 1,844.89. The support remains at 1,829.75-1,834.96, marked by Thursday’s daily gap up, and the next support is at around 1,810-1,815. For now, there are no confirmed uptrend reversal signals, however, we can see some overbought, as the daily chart shows:
Expectations before the opening of today’s trading session are slightly positive, with index futures up 0.1%. The European stock market indexes have lost 0.1-0.2% so far. The S&P 500 futures contract (CFD) trades in a relatively narrow range, near its recent high. The nearest support is at around 1,830, and the next support is at 1,820-1,825, as we can see on the 15-minute chart:
Our intraday outlook is neutral, and our short-term outlook is bullish:
Intraday (next 24 hours) outlook: neutral
Short-term (next 1-2 weeks) outlook: bullish
Medium-term (next 1-3 months) outlook: neutral
Long-term outlook (next year): bullish
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Thank you,
Paul Rejczak