Stock Trading Alert: Closer To All-Time High – Make Or Break …
Stock Trading Alert: Closer To All-Time High – Make Or Break Moment
By:
| Thu, May 22, 2014
Stock
Trading Alert originally published on May 22, 2014, 7:12 AM:
Briefly: In our opinion speculative long positions are still favored (with
stop-loss at 1,850, S&P 500 index).
Our intraday outlook is still bullish, and our short-term outlook remains
neutral:
Intraday (next 24 hours) outlook: bullish
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 gained 0.8-1.0% yesterday, breaking above
their recent consolidation, as investors’ sentiment improved following FOMC Minutes
release, among others. The S&P 500 index remains slightly below its May
13 all-time high of 1,902.17. The resistance is at 1,880-1,900. On the other
hand, the support level is at 1,860-1,865, and the next support is at 1,850.
There have been no confirmed negative signals so far, however, there has been
no clear breakout above medium-term consolidation neither:
Expectations before the opening of today’s session are virtually flat, with
index futures currently up 0.1%. The 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 at 8:30 a.m., Existing Home Sales, Leading
Indicators at 10:00 a.m. The S&P 500 futures contract (CFD) trades slightly
below last week’s highs, following yesterday’s move up. The resistance is at
around 1,895-1,900, and the nearest important support level is at 1,880-1,885,
marked by previous resistance, as we can see on the 15-minute chart:
The technology Nasdaq 100 futures contract (CFD) continues its short-term
uptrend, as it is above the resistance of 3,600-3,620. The nearest resistance
is at 3,650-3,670, marked by some early April local highs. On the other hand,
the nearest important support is at 3,600, marked by previous resistance, as
the 15-minute chart shows:
Concluding, the broad stock market confirms our speculative long position
(which is already profitable), as it approaches last week’s all-time high.
Will it break above the resistance? It is hard to say. However, we are quite
comfortable with our long position here, with stop-loss at 1,850 (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: Closer To All-Time High – Make Or Break …
