The major U.S. stock market indexes were mixed yesterday, however, the DJIA index reached a new all-time high at 15,750.29. Overall, investors continue to hesitate following recent rally. The S&P 500 index gained 0.4%, as it approached the resistance level of around 1,770-1,775. On the other hand, the support is at 1,750, and the next support is at 1,733.45-1,735.74, marked by the October 18 daily gap up. For now, there are no confirmed uptrend reversal signals, as the daily chart shows:

Interestingly, the market follows its seasonal pattern recently, as we can see on our  True Seasonals tool chart for the month of November:

Expectations before the opening of today’s session are slightly negative, with index futures currently down 0.1%. The European stock market indexes have been mixed, as the markets wait for today’s ECB statement. Investors will also wait for some U.S. economic data announcements: Initial Claims and GDP advance number at 8:30 a.m. The S&P 500 futures contract (CFD) trades in a relatively narrow range, after moving closer to its late October highs. The nearest important resistance is at around 1,770, and the short-term support remains at 1,750:

Our intraday outlook is now bearish, and our short-term outlook remains neutral, as there may be some further uncertainty following recent rally:

Intraday outlook: bearish
Short-term outlook: neutral
Medium-term outlook: neutral
Long-term outlook: bullish

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Thank you,
Paul Rejczak