Stock Trading Alert: Stocks Continue To Fluctuate, Will They Trend …
Stock Trading Alert: Stocks Continue To Fluctuate, Will They Trend Up Or Top Out?
By:
| Mon, May 12, 2014
Stock
Trading Alert originally published on May 12 , 2014, 7:05 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 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 0.2-0.4% on Friday, extending their
recent fluctuations, as investors remained uncertain following some mixed economic
data announcements, Fed releases. The S&P 500 index remains close to the
resistance of 1,880-1.900. On the other hand, the level of support is at 1,850,
among others. There have been no confirmed negative signals so far. For now,
it looks like a flat correction within long-term uptrend, as we can see on
the daily chart:
Expectations before the opening of today’s session are positive, with index
futures currently up 0.2-0.3%. The European stock market indexes have been
mixed between -0.1% and +0.3%. The S&P 500 futures contract (CFD)
extends its short-term consolidation, as it trades below the resistance level
of 1,880-1,885. The nearest support remains at around 1,855-1,860. Still with
no clear direction, as the 15-minute chart shows:
The technology Nasdaq 100 futures contract (CFD) is in a similar short-term
consolidation, fluctuating below the level of resistance at 3,600. On the other
hand, the support is at 3,500. There have been no confirmed negative signals
so far. However, there is also no clear direction:
Concluding, the broad stock market extends its short-term consolidation, as
it trades slightly below two-month long resistance. In our opinion, it is not
the time to be out of the long position just yet, because there have been no
confirmed sell signals. Our long positions remain profitable, but it seems
that they will become even more profitable in the coming days. Our stop-loss
remains 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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Stock Trading Alert: Stocks Continue To Fluctuate, Will They Trend …
