Stock Trading Alert: Finally Some Bullish Signs | Paul Rejczak …
Stock Trading Alert: Finally Some Bullish Signs
By:
| Tue, Apr 29, 2014
Stock
Trading Alert originally published on Apr 29, 2014, 7:14 AM:
Briefly: In our opinion speculative long positions are favored (with stop-loss
at 1,850, S&P 500 index)
Our intraday outlook is 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 U.S. stock market indexes gained between 0.3% and 0.5% on Monday, following
volatile trading session, as investors continued to hesitate. Our yesterday’s
neutral outlook has proved to be quite accurate. The S&P 500 index
bounced off the support at around 1,840-1,850, which may be considered as a
positive signal, however, the nearest important resistance remains at 1,880-1,900,
marked by the April 4 all-time high of 1,897.28. There is still no clear short-term
direction, as the broad market continues to fluctuate within its March consolidation.
Investors weigh corporate earnings releases, economic data announcements (anxiously
awaited Friday’s employment report, among others), tomorrow’s FOMC Rate
Decision announcement, Russia-Ukraine conflict. These various factors seem
to cancel each other – at least for now. Luckily, the chart analysis can give
us some insight regardless of the above.
Expectations before the opening of today’s session are positive, with index
futures currently up 0.2-0.3%. The European stock market indexes have gained
0.3-0.5% so far. Investors will now wait for some economic data announcements:
Case-Shiller 20-city Index at 9:00 a.m., Consumer Confidence at 10:00 a.m.
The S&P 500 futures contract (CFD) trades in an intraday uptrend, just
below last week’s highs. The resistance is at 1,875-1,880, and the nearest
important support is at around 1,860-1,865, as the 15-minute chart shows:
The technology Nasdaq 100 futures contract (CFD) bounced off the support at
3,480-3,500, which is a positive signal, as it may end its recent downward
correction. However, the nearest resistance is at 3,600-3,620:
Concluding, yesterday’s market action has been quite bullish. We may see some
short-term uptrend, however, the S&P 500 remains in a month-long consolidation.
Will we see new all-time highs for the broad market? In our opinion, small
speculative long position with a relatively tight stop-loss (at around 1,850
for the S&P 500 index) seems justified at this moment.
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: Finally Some Bullish Signs | Paul Rejczak …
