The U.S. stock market indexes gained between 0.9% and 1.3% on Friday, extending their uptrend despite worse-than-expected advance GDP number release, as investors’ sentiment remained very bullish.

The S&P 500 index has reached new record high at the level of 2,872.87. It broke above its Wednesday’s high of 2,852.97. The Dow Jones Industrial Average has also reached new record high at the level of 26,616.71. It was relatively weaker than the broad stock market, as it gained 0.9%. The technology Nasdaq Composite reached new record high of 7,505.77, as it gained 1.3% on Friday.

The nearest important level of support of the S&P 500 index is now at around 2,850-2,855, marked by Wednesday’s local high. The next support level is at 2,825-2,830, marked by some previous local lows. The support level is also at 2,800-2,810. The support level is the price level, at which the buying interest is strong enough to overcome selling pressure and push the price higher. Support usually refers to the previous low or lows, lines that are created by drawing the line between previous important bottoms or important tops and then extrapolating this line into the future. We still can see medium-term technical overbought conditions, but the market extends its nine-year-long bull market:

Reversal Off New Record High

Expectations before the opening of today’s trading session are slightly negative because index futures trade 0.1-0.2% lower vs. their Friday’s closing prices. The European stock market indexes have been mixed so far. Investors will wait for Personal Income, Personal Spending numbers release at 8:30 a.m. The market expects that Personal Income grew 0.3%, and Personal Spending grew 0.5% in December.

The S&P 500 futures contract trades within an intraday downtrend, as it retraces its overnight advance. The market reached new record high closer to 2,880 mark. But will it continue higher today? For now, it looks like some short-term bearish reversal pattern off that new record high. The nearest important resistance level is at around 2,875-2,880. The market will probably remain below its overnight high today. On the other hand, the nearest important support level is at 2,850-2,860, marked by some recent local highs. The next level of support is at 2,835-2,840, marked by short-term consolidation. The futures contract trades above its short-term upward trend line, as we can see on the 15-minute chart: