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Charts: Investor Sentiment Worsens as Indices Fall


US stock market indices moved away from their long-term highs yesterday as investors reacted to geopolitical news around the Russia and Ukraine conflict.

My firm's intraday outlook is neutral, and our short-term outlook remains neutral.
Intraday (next 24 hours) outlook: neutral
Short-term (next 1-2 weeks) outlook: neutral
Medium-term (next 1-3 months) outlook: neutral
Long-term outlook (next year): bullish
The US stock market indices lost 0.6-1.3% yesterday, March 26, moving away from their long-term highs once again, as investors reacted to some geopolitical news concerning the Russia-Ukraine conflict, among others. However, the S&P 500 Index (INDEXSP:.INX) remains in a month-long consolidation, still above the support level of 1,840-1,850. The resistance is at 1,880-1,900. There is no clear short-term trend, as we can see on the daily chart:

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Expectations before the opening of today's session are slightly positive, with index futures currently up 0.2%. The main European stock market indices have been mixed between -0.5% and +0.1% so far. Investors will now wait for some economic data releases: Initial Claims, Q4 GDP at 8:30 a.m., Pending Home Sales number at 10:00 a.m. The S&P 500 futures contract (CFD) continues to trade in a short-term consolidation. The nearest important support is at around 1,840, as the 15-minute chart shows:

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The technology Nasdaq-100 (INDEXNASDAQ:NDX) futures contract (CFD) extended its recent move down, remaining relatively weaker, as it broke below the level of 3,600. We can see some increased volatility. There have been no confirmed short-term downtrend reversal signals so far:

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For the full version of this essay and more, visit Sunshine Profits' website.

Paul Rejczak is a stock market strategist who has been known for the quality of his technical and fundamental analysis since the late 1990s. He is interested in forecasting market behavior based on both traditional and innovative methods of technical analysis. Paul has made his name by developing mechanical trading systems. He is the author of Sunshine Profits' premium service for stock traders: Stock Trading Alerts.
No positions in stocks mentioned.
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