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

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

The U.S. stock market indexes were mixed between -0.1% and +0.3% on Friday, following volatile intraday trade, as investors reacted to a Russian decision to send troops into Ukraine. The S&P 500 index has reached the new all-time high at 1,867.92, extending its long-term uptrend and breaking above the resistance of 1,850. The nearest important support is at around 1,840-1,850, marked by the recent local lows. The next support is at around 1,825, marked by February local lows. The index may enter a downward correction, following negative geopolitical news. For now, it looks like some sort of a “blow-off top”, as we can see on the daily chart:

Expectations before the opening of today’s session are negative, with index futures currently down 0.8-1.0%. The main European stock market indexes have lost 1.7-2.7% so far. Investors will wait for some economic data announcements: Personal Income, Personal Spending and the PCE Prices-Core number at 8:30 a.m., ISM Index, Construction Spending at 10:00 a.m. The S&P 500 futures contract (CFD) trades below Friday’s closing price, as investors react to Russia-Ukraine conflict news. The nearest important support is at around 1,830-1,840, and the resistance remains at 1,855-1,865:

The technology Nasdaq 100 futures contract (CFD) is below its recent trading range, following Friday’s quick move up. The resistance is at 3,700-3,720, and the nearest important support level is at around 3,640-3.650, as the 15-minute chart shows:

Thank you.

Paul Rejczak
Stock Trading Strategist
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