Stock Trading Alert: Indexes At New Record Highs – Will Uptrend …
Stock Trading Alert: Indexes At New Record Highs – Will Uptrend Continue?
By:
| Mon, Jun 9, 2014
Stock
Trading Alert originally published on June 09, 2014, 7:24 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 is 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 0.5% on Friday, extending their recent
rally, as investors reacted to monthly unemployment data release. So, our short-term
bullish outlook from May 28 continues to be accurate. The S&P 500 index
has reached a new all-time high at 1,949.44, which is very close to a potential
resistance level of 1,950. The next resistance is at the psychological level
of 2,000. On the other hand, the nearest important support level is at around
1,925-1,930, marked by the recent consolidation. The next support is at 1,915.
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 down 0.1%. The main European stock market indexes have
been mixed so far. The S&P 500 futures contract (CFD)
remains close to its recent highs, trading in a relatively narrow intraday
range. The nearest important resistance is at around 1,950, and the support
level is at 1,940, among others. For now, it looks just like another flat correction
within an uptrend, as the 15-minute chart shows:
The technology Nasdaq 100 futures contract (CFD) follows a similar path, as
it trades close to the level of resistance at 3,800. The nearest important
level of support is at around 3,770-3,780, marked by some of the recent local
lows:
Concluding, the broad stock market extends its long-term uptrend, as indexes
continue to reach new all-time highs. We remain cautiously optimistic, expecting
uptrend to continue while maintaining our already profitable long position.
The stop-loss 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: Indexes At New Record Highs – Will Uptrend …
