Our Wednesday's intraday trading outlook was bearish. It proved partly wrong because the S&P 500 index gained 0.15% (neutral), following the slightly lower opening of the trading session. We still can see some technical overbought conditions along with negative divergences. Therefore, an intraday short position is favored again. Stop-loss is at the level of 2,605 and the potential profit target is at 2,555 (S&P 500 index).
Our intraday outlook is bearish today. Our short-term outlook is neutral, and our medium-term outlook is neutral: Intraday outlook (next 24 hours): bearish; Short-term outlook (next 1-2 weeks): neutral; Medium-term outlook (next 1-3 months): neutral
The U.S. stock market indexes were mixed between 0.0% and +0.3% on Wednesday, as investors' sentiment remained bullish following economic data and quarterly earnings releases. The S&P 500 Index traded slightly below its Tuesday's new record high of 2,597.02. The Dow Jones Industrial Average was unchanged, as it extended its week-long fluctuations along the level of 23,500-23,600. It has reached new all-time high of 23,602.12 on Tuesday. The technology Nasdaq Composite remained close to Tuesday's new record high of 6,795.52, as it gained 0.3% following last week's better-than-expected quarterly earnings releases. The nearest important level of support of the S&P 500 Index is at 2,585, marked by short-term local lows. The next support level remains at around 2,575, marked by recent fluctuations. The support level is also at 2,565-2,570, marked by some previous local lows. On the other hand, the potential resistance level is still at around 2,600, marked by a record high. The S&P 500 Index extended its over eight-year-long bull market recently, as it reached new record high closer to 2,600 mark. Will a bull market continue? Or is this some topping pattern ahead of a downward reversal? There have been no confirmed negative signals so far. However, we still can see medium-term technical overbought conditions: