Our intraday outlook is now 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 main U.S. stock market indexes lost 0.4-0.5% on Tuesday, as investors continued to take profits following recent move up. The S&P 500 index remains quite close to Friday’s all-time high of 1,883.57. There have been no confirmed uptrend reversal signals so far, however,  a deeper correction cannot be ruled out. The resistance is at around 1,880-1,900, and the nearest support is at 1,860-1,865. The next support is at around 1,850, as we can see on the daily chart:

Expectations before the opening of Wednesday’s session are negative, with index futures currently down between 0.2% and 0.3%. The European stock market indexes have lost 1.0-1.4% so far. The S&P 500 futures contract (CFD) broke below the recent trading range, retracing some of its March gains. The resistance is at around 1,870, and the nearest support is at 1,850, as the 15-minute chart shows:

The technology Nasdaq 100 futures contract (CFD) is in a similar downward correction, retracing some of its recent gains. The resistance is at around 3,700-3,720, and the support is at 3,640-3,660. We can see some further consolidation along the level of 3,700:

Thank you.

Paul Rejczak
Stock Trading Strategist
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