The main U.S. stock market indexes are currently down between 0.2% and 0.5%, retracing some of yesterday’s rally. The S&P 500 index trades few points above the level of 1,800. The nearest important resistance is at 1,810-1,815, marked by the November 29 all-time high of 1,813.55. The S&P 500 futures contract (CFD) is in a relatively narrow range, slightly below the level of 1,800. For now, it looks like a downward correction within a short-term uptrend:

The Nasdaq 100 futures contract (CFD) trades below the resistance of 3,500-3,510. Will the uptrend continue? There are no confirmed negative signals, however, the market remains in a few-week long consolidation, as we can see on the 15-minute chart:

Our intraday outlook remains neutral, and our short-term outlook is neutral:

Intraday (next 24 hours) outlook: neutral
Short-term (next 1-2 weeks) outlook: neutral
Medium-term (next 1-3 months) outlook: neutral
Long-term outlook (next year): bullish

Thank you,
Paul Rejczak