Intraday trade: Our Wednesday’s intraday trading outlook was bearish. It proved partly accurate because the S&P 500 lost 0.05% following higher opening of the trading session. The index extended its short-term uptrend, as it reached new record high. There have been no confirmed negative signals so far. However, we can see some short-term technical overbought conditions. Therefore, intraday short position is favored today. Stop-loss is at the level of 2,680 and potential profit target is at 2,640 (S&P 500 index).

Our intraday outlook is bearish again. 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 main U.S. stock market indexes were mixed between -0.05% and +0.3% on Wednesday, as investors reacted to the FOMC Rate Decision announcement. The S&P 500 index reached new record high of 2,671.88 (around 2 points above its Tuesday’s record high) following interest rate hike release. The Dow Jones Industrial Average was relatively stronger than the broad stock market, as it gained 0.3%. It has reached new record high at the level of 24,666.02. The technology Nasdaq Composite gained 0.2% yesterday, remaining below its late November record high. The nearest important level of support of the S&P 500 index is at around 2,660, marked by recent daily lows. The next support level is at 2,650. The support level is also at 2,640, marked by last Friday’s daily gap up of 2,640.99-2,644.10. On the other hand, resistance level is at around 2,670-2,675, marked by new all-time high. Will the S&P 500 index continue its uptrend? Or is this some topping pattern before medium-term downward correction? There have been no confirmed negative signals so far. However, we still can see medium-term technical overbought conditions along with negative technical divergences:

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