Intraday trade: Our Friday's intraday trading outlook was neutral. It proved wrong because the S&P 500 index gained 0.5%, following higher opening of the trading session. The broad stock market accelerated its uptrend on Friday. There have been no confirmed negative signals so far. On the other hand, we still can see some short-term overbought conditions. Therefore, we prefer to be out of the market today, avoiding low risk/reward ratio trades.
Our intraday outlook is neutral today. Our short-term outlook is neutral, and our medium-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): neutral
The main U.S. stock market indexes gained between 0.4% and 0.7% on Friday, extending their long-term uptrend, as investors' sentiment remained very bullish following Thursday's rebound off support level. The S&P 500 index has reached new record high at the level of 2,575.44. The Dow Jones Industrial Average reached another all-time high at the level of 23,328.84. It accelerated its recent run-up, as investors were euphorically buying blue-chip stocks. The technology Nasdaq Composite was relatively weaker than the broad stock market. However, it reached new record high at the level of 6,640.03, around 0.1% above its Wednesday's high. The nearest important level of support of the S&P 500 index is now at around 2,565, marked by Friday's daily gap up of 2,562.36-2,567.56. The next support level remains at around 2,550, marked by previous level of resistance, among others. The next support level is at 2,540, marked by recent fluctuations. On the other hand, potential resistance level is at around 2,600. The S&P 500 index accelerated its uptrend, as it broke above recent consolidation. Will it continue even higher? There have been no confirmed negative signals so far. However, we can see some medium-term technical overbought conditions: