Briefly: In our opinion, no speculative positions are justified.

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

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

The U.S. stock market indexes were mixed between 0.0% and 0.2% on Monday, following volatile trading session, as investors took short-term profits off the table. The S&P 500 index continues to trade within medium-term consolidation. The nearest important level of resistance remains at around 2,080-2,100, marked by previous local highs. On the other hand, support level is at 2,000-2.020, among others, as we can see on the daily chart:

Expectations before the opening of today's trading session are positive, with index futures currently up 0.4-0.5%. The main European stock market indexes have gained 0.3-1.5% so far. Investors will now wait for some economic data announcements: Case-Shiller 20-city Index at 9:00 a.m., Consumer Confidence number at 10:00 a.m. The S&P 500 futures contract trades within an intraday uptrend, as it extends its last week's move up. The nearest important level of support is at around 2,050, and resistance level is at 2,070, marked by previous local high:

The technology Nasdaq 100 futures contract follows a similar path, as it breaks above its recent local high. The nearest important level of resistance is at around 4,650-4,680, and support level remains at 4,600, as the 15-minute chart shows:

Concluding, the broad stock market retraced some of its last week's rally yesterday, before bouncing off support level. There have been no confirmed negative signals so far. The S&P 500 index extends its two-month long consolidation following October rally. We prefer to be out of the market, avoiding low risk/reward ratio trades. We will let you know when we think it is safe to get back in the market.

Thank you.

Paul Rejczak
Stock Trading Strategist
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