Briefly:

Intraday trade: Our Thursday’s intraday trading outlook was neutral. It proved partly accurate because the S&P 500 gained 0.4% following higher opening of the trading session (+0.2%). The broad stock market continued its short-term uptrend, but it remained within a relatively narrow intraday trading range. There have been no confirmed negative signals so far. However, we can see some clear short-term overbought conditions along with an overly bullish investors’ sentiment. Therefore, intraday short position is favored today. Stop-loss is at the level of 2,750 and potential profit target is at 2,700 (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 gained 0.2-0.6% on Thursday, as they extended their record-setting rally following Wednesday’s breakout above short-term consolidation. The S&P 500 index has reached yet another new all-time high at the level of 2,729.29. The broad stock market gauge extends its almost nine-year-long bull market. The Dow Jones Industrial Average gained 0.4%, as it was relatively stronger than the S&P 500 index yesterday. The blue-chip index reached new record high at 25,105.96. The technology Nasdaq Composite slightly extended its Tuesday’s rally, as it gained 0.2%. It reached new record high close to the level of 7,100. The nearest important level of support of the S&P 500 index is now at around 2,715-2,720, marked by yesterday’s daily gap up of 2,714.37-2,719.07. The next support level is at 2,695-2,700, marked by recent consolidation. The support level is also at 2,680-2,685, marked by short-term local low. On the other hand, potential resistance level is at 2,730-2,750. There have been no confirmed negative signals so far. However, we still can see medium-term technical overbought conditions along with negative technical divergences: