Stock Trading Alert: Further Uncertainty As Indexes Gained On …
Stock Trading Alert: Further Uncertainty As Indexes Gained On Friday, Will Uptrend Resume?
By:
| Mon, May 19, 2014
Stock
Trading Alert originally published on May 19, 2014, 6:49 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 between 0.3% and 0.6%, retracing
some of the recent declines, as investors reacted to better-than-expected housing
data announcement. Our speculative long positions have regained some of their
recent losses. The S&P 500 index extends its medium-term consolidation,
as it continues to trade below the level of resistance at 1,880-1,900. The
nearest important support is at around 1,860, marked by recent local lows,
and the next support is at 1,850. 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 negative, with index
futures currently down 0.4%. The European stock market indexes have lost 0.7-0.8%
so far. The S&P 500 futures contract
(CFD) is within its late April – early May consolidation, as it bounced off
the psychological resistance of 1,900. The nearest important resistance is
at 1,880-1,885, and the support is at 1,855-1,860, among others. There is no
clear short-term direction, as the 15-minute chart shows:
The technology Nasdaq 100 futures contract (CFD) is in an analogous short-term
consolidation, as it bounced off the resistance at 3,600-3,620. On the other
hand, the support is at around 3,540, marked by recent local lows:
Concluding, the broad stock market is still driven by uncertainty. However,
it appears to be consolidate before moving upward. Therefore, we continue to
maintain our speculative long position, 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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