Stock Trading Alert: Broad Stock Market At New Highs – Investors …
Stock Trading Alert: Broad Stock Market At New Highs – Investors Take Some Profits, Flat Correction Or Topping Pattern?
By:
| Thu, May 29, 2014
Stock
Trading Alert originally published on May 29, 2014, 6:58 AM:
Briefly: In our opinion speculative long positions are still favored (with
stop-loss at 1,885, S&P 500 index).
Our intraday outlook is still bullish, and our short-term outlook is now bullish,
following a breakout above consolidation:
Intraday (next 24 hours) outlook: bullish
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 lost 0.1-0.3% yesterday, retracing some of their
recent rally, as investors took profits. However, the S&P 500 index has
managed to reach yet another new record high at 1,914.46. The nearest important
support level is at around 1,880-1,900, marked by previous resistance. 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 up 0.1%. The main European stock market indexes have
been mixed between -0.2% and +0.2% so far. Investors will now wait for some
economic data announcements: Initial Claims, GDP Second Estimate at 8:30 a.m.,
Pending Home Sales at 10:00 a.m. The S&P 500 futures contract (CFD) is
in a relatively narrow intraday trading range, following yesterday’s quite
volatile trade. The nearest important resistance is at 1,910-1,915, and the
nearest level of support is at 1,900-1,905. For now, it looks like a flat correction
within an uptrend:
The technology Nasdaq 100 futures contract (CFD) follows a similar path, as
it fluctuates within a relatively narrow trading range. The resistance is at
around 3,730, and the nearest important support remains at 3,700-3,710, marked
by previous resistance, as the 15-minute chart shows:
Concluding, the broad stock market is in an uptrend, however, we can see some
short-term uncertainty following recent rally.
Nevertheless, we continue to maintain our already profitable long position,
with stop-loss at 1,885 (S&P 500 index). In other words, we will try to
let the profit run.
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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