The U.S. stock market indexes were mixed between -0.4% and 0.0% yesterday, as investors continued to hesitate ahead of today’s monthly jobs report release. The S&P 500 index extended its short-term consolidation above the support at around 1,830, marked by the December 26 daily gap up of 1,829.75-1,834.96. On the other hand, the nearest resistance remains at 1,840-1,850, marked by the December 31 all-time high of 1,849.44. Will the uptrend continue? For now, it looks like a flat correction within an uptrend, as we can see on the daily chart:

Expectations before the opening of today’s session are positive, with index futures currently up 0.2-0.4%. The main European stock market indexes have gained 0.4-0.8% so far. Investors will focus on today’s economic data announcements: Nonfarm Payrolls for the month of December and the Unemployment Rate at 8:30 a.m., followed by the Wholesale Inventories number at 10:00 a.m. The S&P 500 futures contract (CFD) trades near its late December high. The nearest resistance is at around 1,840. On the other hand, the support remains at 1,825-1,830, marked by the recent intraday lows, as the 15-minute chart shows:

Analogously, the Nasdaq 100 futures contract (CFD) trades near its long-term late December highs. The resistance is at around 3,580-3,600. We can see some increased volatility, as investors await above-mentioned important economic data release:

Our intraday outlook is now bullish, and our short-term outlook remains neutral:

Intraday (next 24 hours) outlook: bullish
Short-term (next 1-2 weeks) outlook: neutral
Medium-term (next 1-3 months) outlook: neutral
Long-term outlook (next year): bullish

Thank you,
Paul Rejczak