Stock Trading Alert: Stocks Continue Long-Term Uptrend | Paul …
Stock Trading Alert: Stocks Continue Long-Term Uptrend
By:
| Thu, Apr 3, 2014
Stock
Trading Alert originally published on Apr 04, 2014, 6:54 AM:
Our intraday outlook is neutral, and our short-term outlook is now bullish,
following breakout above month-long consolidation:
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 0.2-0.3% on Wednesday, slightly extending
their recent move up, as investors awaited Friday’s unemployment data release.
The S&P 500 index has reached a new all-time high at 1,893.17. The nearest
important resistance is at the psychological level of 1,900. On the other hand,
the support is
at around 1,880, and the next support is at 1,840-1,850. The market broke out
above month-long consolidation, which is a positive signal, as we can see on
the daily chart:
Expectations before the opening of today’s session are slightly positive,
with index futures currently up 0.1-0.2%. The main European stock market indexes
have been virtually flat so far. Investors will now wait for some economic
data announcements: Challenger Job Cuts report at 7:30 a.m., Initial Claims,
Trade Balance at 8:30 a.m., ISM Services number at 10:00 a.m. The S&P 500
futures contract (CFD) trades in a short-term uptrend, above its recent consolidation.
The nearest support is at 1,875, with potential resistance at 1,890-1,900:
The technology Nasdaq 100 futures contract (CFD) remains relatively weaker,
retracing some of its March move down. The resistance is at around 3,680-3,700,
and the support is at 3,630, among others, as the 15-minute chart shows:
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: Stocks Continue Long-Term Uptrend | Paul …
