Stock Trading Alert: Another New All-Time High – Will Uptrend …
Stock Trading Alert: Another New All-Time High – Will Uptrend Accelerate?
By:
| Mon, Jun 23, 2014
Stock
Trading Alert originally published on June 23, 2014, 6:44 AM:
Briefly: In our opinion speculative long positions are still favored
(with stop-loss at 1,910, S&P 500 index).
Our intraday outlook is neutral, and our short-term outlook remains bullish:
Intraday (next 24 hours) outlook: neutral
Short-term (next 1-2 weeks) outlook: bullish
Medium-term (next 1-3 months) outlook: neutral
Long-term outlook (next year): bullish
The U.S. stock market indexes gained between 0.1% and 0.2% on Friday, extending
their short-term advance, as investors remained optimistic following some recent
economic data announcements. Our Friday’s
bullish short-term outlook has proved to be right, as the S&P 500 index
has reached new all-time high of 1,963.91. The nearest important level of support
is at around 1,950-1,955, marked by previous local highs, among others. The
next support is at 1,915-1,925, marked by the early June consolidation. On
the other hand, a potential resistance is at the psychological level of 2,000.
There have been no confirmed negative signals so far, as we can see on the
daily chart:
Expectations before the opening of today’s session are virtually flat, with
index futures currently mixed between -0.1% and 0.0%. The European stock market
indexes have lost 0.3-0.5% so far, following some worse-than-expected economic
data releases. Investors will now wait for the Existing Home Sales number announcement
at 10:00 a.m. The S&P 500 futures contract (CFD) trades close to its all-time
high, following some early morning retracement. The resistance level is at
around 1,960. On the other hand, the nearest important support is at 1,945-1,950.
For now, it looks like a relatively flat correction within an uptrend:
The technology Nasdaq 100 futures contract (CFD) is relatively weaker than
the broad stock market, as it continues to fluctuate along the level of 3,800.
The nearest important support level is at around 3,775-3,800, marked by recent
local low, as the 15-minute chart shows:
Concluding, the broad stock market extended its long-term uptrend, as it reached
a new record high on Friday. We continue to maintain our already profitable
long position, expecting some more upside. The stop-loss (protect-gain in this
case) remains at 1,910 – S&P 500 index.
Thank you.
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Author: Paul Rejczak
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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Stock Trading Alert: Another New All-Time High – Will Uptrend …
