Stock Market Uncertainty Following Recent Decline :: The Market …
Stock Market Uncertainty Following Recent Decline
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Stock Markets 2014Mar 17, 2014 – 12:55 PM GMT
By: Paul_Rejczak
Our intraday outlook is now neutral, and our short-term outlook is 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 main U.S. stock market indexes lost between 0.3% and 0.7% on Friday, as investors continued to take profits, following February through early March rally, which sent indexes to new long-term highs. The S&P 500 has deepened its downward correction, moving away from the March 7 all-time high of 1,883.57. The nearest important support is at around 1,835-1,840, marked by some of the recent local lows. On the other hand, the resistance is at 1,850, and the next resistance is at around 1,860-1,865, as we can see on the daily chart:
Expectations before the opening of today’s session are positive, with index futures currently up 0.6-0.7%. The European stock market indexes have gained 0.4-0.7% so far. Investors will now wait for some economic data releases: Empire Manufacturing indicator at 8:30 a.m., Industrial Production, Capacity Utilization at 9:15 a.m., NAHB Housing Market Index at 10:00 a.m. The S&P 500 futures contract (CFD) bounced off the support at around 1,830, as market sentiment improved following some positive news concerning Russia-Ukraine conflict. The nearest important resistance level is at around 1,850, as the 15-minute chart shows:
The technology Nasdaq 100 futures contract (CFD) trades near the resistance level at around 3,650-3,660, following a quick rebound from the psychological support of 3,600. For now, it looks like a correction within short-term downtrend, however a downtrend reversal cannot be ruled out:
Thank you.
Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts
SunshineProfits.com
Stock market strategist, who has been known for quality of his technical and fundamental analysis since the late nineties. 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. Paul is the author of Sunshine Profits’ premium service for stock traders: Stock Trading Alerts.
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Disclaimer
All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.
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