Our intraday outlook is bearish, and our short-term outlook is bearish. Our medium-term outlook remains neutral, following S&P 500 index breakout above last year's all-time high:

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

The main U.S. stock market indexes gained between 0.6% and 1.1% on Wednesday, breaking above their recent trading range, as investors' sentiment improved following economic data releases, Fed's Janet Yellen's Congressional Testimony. The S&P 500 index got close to its June 19 all-time high of 2,453.82. It trades just 0.4% below that record high. Stocks have rebounded following their early July move down. The Dow Jones Industrial Average was relatively weaker than the broad stock market yesterday, as it gained 0.6%. However, it reached new record high at the level of 21,580.8. The technology Nasdaq Composite was relatively stronger again, as it gained 1.1%. It has retraced more of its recent move down. The nearest important support level of the S&P 500 index is at around 2,430-2,435, marked by yesterday's daily gap up of 2,429.30-2,435.75. The next support level remains at 2,400-2,410, marked by the May 25 daily gap up of 2,405.58-2,408.01, among others. On the other hand, level of resistance is at 2,450-2,455, marked by all-time high. There have been no confirmed negative signals so far. However, we can see overbought conditions and negative technical divergences. The S&P 500 index is trading within its over month-long consolidation, as we can see on the daily chart: