Our intraday outlook is 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

The main U.S. stock market indexes lost 0.2-1.0% yesterday, as investors continued to take profits following February rally. The S&P 500 index extended its few week long consolidation below the resistance of 1,880-1,900. On the other hand, the nearest important support is at around 1,840-1,850, marked by some of the previous local lows. For now, it looks like a medium-term topping consolidation or just a flat correction within long-term uptrend. There is no clear short-term direction, as we can see on the daily chart:

Expectations before the opening of today’s session are positive, with index futures currently up 0.2-0.3%. The European stock market indexes have gained between 1.1% and 1.2% so far. Investors will now wait for series of economic data announcements: Case-Shiller 20-city Index, FHFA Housing Price Index at 9:00 a.m., Consumer Confidence, New Home Sales at 10:00 a.m. The S&P 500 futures contract (CFD) extends its short-term consolidation, fluctuating along the level of 1,850. The resistance remains at 1,870-1,875, marked by the recent highs. On the other hand, the support level is at around 1,830-1,840:

The technology Nasdaq 100 futures contract (CFD) is relatively weaker, trading below its recent local lows. However, it bounced off the support at around 3,580-3,600. The nearest important resistance is at 3,630-3,650, marked by the recent consolidation’s lower limit, as the 15-minute chart shows:

Thank you.

Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts