Briefly:

Intraday trade: Our Wednesday’s intraday trading outlook was bearish. It proved partly wrong because the S&P 500 index gained 0.15% (neutral), following slightly lower opening of the trading session. We still can see some technical overbought conditions along with negative divergences. Therefore, intraday short position is favored again. Stop-loss is at the level of 2,605 and 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, 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, potential resistance level is still at around 2,600, marked by 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 bull market continue? Or is this some topping pattern ahead of downward reversal? There have been no confirmed negative signals so far. However, we still can see medium-term technical overbought conditions: