Briefly:

Intraday trade: Our Friday’s neutral intraday outlook has proved accurate. The S&P 500 index continued to fluctuate within its week-long trading range. The broad stock market is likely to open much higher today following futures contract rally after an overnight gap-up opening. We can see some short-term technical overbought conditions. Therefore, intraday short position is favored. Stop-loss is at the level of 2,490, close to early August record high. Potential profit target is at 2,455 (S&P 500 index).

Our intraday outlook is now bearish, and our short-term outlook is bearish, as we expect downward correction. Our medium-term outlook remains bearish:

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

The main U.S. stock market indexes were mixed between -0.6% and +0.1% on Friday, extending their short-term fluctuations, as investors reacted to economic data announcements, news concerning Hurricane ‘Irma’, among others. The S&P 500 index continues to trade around 1% below the August 8 all-time high of 2,490.87. The Dow Jones Industrial Average extended its fluctuations along the level of 21,800, and the technology Nasdaq Composite index lost 0.6%, as it fell below the level of 6,400. The nearest important level of resistance of the S&P 500 index remains at around 2,470-2,475, marked by last Tuesday’s daily gap down of 2,471.97-2,473.85. The next resistance level is at 2,480-2,490, marked by recent local high and the above-mentioned August record high. On the other hand, support level is at around 2,445, marked by last Tuesday’s daily low. The next level of support is at around 2.430-2,435, marked by the daily gap up of 2,430.58-2,433.67 and previous local low. The broad stock market continues to trade within an over-month-long consolidation following November-July uptrend. Will it continue higher? Or is this some medium-term topping pattern before downward reversal?