The main U.S. stock market indexes gained between 0.2% and 0.4% yesterday, as investors continued to hesitate after recent rally. The S&P 500 index remains near its last week’s all-time high of 1,775.22. The nearest important resistance is at 1,770-1,750, and the support is at around 1,750. The next support is at 1,733.45-1,735.74, marked by the October 18 daily gap up. Still with no clear short-term trend, as we can see on the daily chart:

Expectations before the opening of today’s session are slightly negative, with index futures currently losing 0.3%. The European stock market indexes have lost between 0.3% and 0.5%. Investors will now wait for the ISM Services number announcement at 10:00 a.m. The S&P 500 futures contract (CFD) extends its consolidation. The resistance remains at around 1,770, and the support is at 1,750:

Our intraday outlook remains bearish, and our short-term outlook is still neutral, as there may be some further 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