The U.S. stock market indexes are currently up between 0.6% and 0.7%, as investors hope for bull market to continue, buying stocks again. The S&P 500 gains 0.6%, just ten points shy of Monday’s all-time high at 1802.33. The S&P 50 futures contract (CFD) broke above the recent short-term downward trend line, extending its week-long consolidation. The resistance remains at around 1,800, and the nearest support is at around 1,775, as we can see on the 15-minute chart:
The technology stocks Nasdaq 100 futures contract (CFD) is slightly below the level of 3,400. The resistance is at around 3,400-3,420, marked by last week’s consolidation. On the other hand, the support is at 3,360-3,365, as the 15-minute chart shows:
Our intraday outlook remains bearish, and our short-term outlook is bearish:
Intraday outlook: bearish
Short-term outlook: bearish
Medium-term outlook: neutral
Long-term outlook: bullish
Thank you,
Paul Rejczak