Stock Trading Alert: Stocks Continue Long-Term Uptrend, Will It …
Stock Trading Alert: Stocks Continue Long-Term Uptrend, Will It Accelerate Or Reverse?
By:
| Mon, Jun 2, 2014
Stock
Trading Alert originally published on June 02, 2014, 6:57 AM:
Briefly: In our opinion speculative long positions are still favored (with
stop-loss at 1,885, S&P 500 index).
Our intraday outlook is neutral, and our short-term outlook is bullish, following
a breakout above 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 were mixed between 0.0% and +0.2% on Friday,
as investors hesitated following recent rally. Our Friday’s neutral
intraday outlook has proved to be quite accurate. However, the S&P
500 index has managed to reach yet another new all-time high at 1,924.03. The
nearest important support is at 1,880-1,900, marked by previous resistance.
There have been no confirmed negative signals so far, although, we can see
some short-term overbought:
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 gained 0.1-0.3% so far. Investors will now wait for some economic data
announcements: ISM Index, Construction Spending, Factory Orders at 10:00 a.m.
The S&P 500 futures contract (CFD) trades in a relatively narrow intraday
range, remaining close to its recent high. The nearest support is
at around 1,910-1,915, and the resistance is at 1,925, as we can see on the
15-minute chart:
The technology Nasdaq 100 futures contract (CFD) continues to fluctuate, as
it trades slightly below the short-term resistance of 3,740. There have been
no confirmed negative signals so far. On the other hand, the support level
is at 3,700-3,710, as the 15-minute chart shows:
Concluding, the broad stock market remains in a short-term uptrend, as it
extends five-year long bull market. We continue to maintain our already profitable
long position, with stop-loss at 1,885 (S&P 500 index). In other words,
we let the profit run while there is an uptrend.
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, Will It …
