The U.S. stock market indexes gained between 0.3% and 0.5% yesterday, as investors hoped for a continuation of the Fed’s easy monetary policy, following speech by Janet Yellen. The S&P 500 index reached a new all-time high at 1,791.53, as it continued its recent move up. The nearest possible level of resistance is at the psychological 1,800. On the other hand, the support remains at around 1,760. There are no confirmed uptrend reversal signals, however there is some overbought, as we can see on the daily chart:

Expectations before the opening of today’s session are slightly positive, with index futures currently gaining 0.1-0.2%. The European stock market indexes have been mixed. Investors will now wait for some economic data announcements: Empire Manufacturing at 8:30 a.m., Industrial Production and Capacity Utilization at 9:15 a.m., Wholesale Inventories at 10:00 a.m. The S&P 500 futures contract (CFD) trades in a relatively narrow range. The nearest resistance is at around 1,790, and the support is at 1,775-1,785, as the 15-minute chart shows:

Despite being wrong recently, 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

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Thank you,
Paul Rejczak