Stock Trading Alert: Pause In A Trend Or Topping Pattern? | Paul …
Stock Trading Alert: Pause In A Trend Or Topping Pattern?
By:
| Thu, Jun 12, 2014
Stock
Trading Alert originally published on June 12, 2014, 6:49 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 remains 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 lost between 0.1% and 0.6% on Wednesday, retracing
some of their recent move up, as investors took some profits off the table.
The S&P 500 index bounced off the nearest resistance
level at around 1,950-1,955, marked by Monday’s all-time high of 1,955.55.
The nearest important level of support is at 1,940, and the next support is
at 1,915-1,925, marked by recent consolidation. For now, it looks like a relatively
shallow correction within an uptrend. 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 slightly positive,
with index futures currently up 0.1%. The main European stock market indexes
have been mixed between 0.0% and +0.2% so far. The S&P 500 futures contract
(CFD) remains slightly below its record highs, as it continues to fluctuate
below the resistance of 1,950-1,955. The nearest important level of support
is at around 1,940, marked by recent local lows. For now, it looks like a consolidation
following recent advance, as the 15-minute chart shows:
The technology Nasdaq 100 futures contract (CFD) is close to its long-term
high, as it extends fluctuations along the level of 3,800. The support level
is at around 3,780. There have been no confirmed negative signals so far:
Concluding, the broad stock market is in a rather flat correction following
recent rally. We expect some more upside. Therefore, we continue to maintain
our already profitable long position, with stop-loss at 1,910 (S&P 500
index).
Thank you.
Please enable JavaScript to view the comments powered by Disqus.
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.
Disclaimer: All essays, research and information found above represent analyses
and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such,
it may prove wrong and be a subject to change without notice. Opinions and
analyses were based on data available to authors of respective essays at the
time of writing. Although the information provided above is based on careful
research and sources that are believed to be accurate, Paul Rejczak and his
associates do not guarantee the accuracy or thoroughness of the data or information
reported. The opinions published above are neither an offer nor a recommendation
to purchase or sell any securities. Mr. Rejczak is not a Registered Securities
Advisor. By reading Paul Rejczak’s reports you fully agree that he will not
be held responsible or liable for any decisions you make regarding any information
provided in these reports. Investing, trading and speculation in any financial
markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees
and affiliates as well as members of their families may have a short or long
position in any securities, including those mentioned in any of the reports
or essays, and may make additional purchases and/or sales of those securities
without notice.
Copyright © 2014 Sunshine Profits
All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com
Read more –
Stock Trading Alert: Pause In A Trend Or Topping Pattern? | Paul …
