Stock Trading Alert: Stocks Deepen Losses on Fed Decision | Paul …
Stock Trading Alert: Stocks Deepen Losses on Fed Decision
By:
| Thu, Jan 30, 2014
Stock
Trading Alert originally published on Jan 30, 2014, 6:55 AM:
Our intraday outlook is neutral, and our short-term outlook remains neutral:
Intraday (next 24 hours) outlook: neutral
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 lost between 1.0% and 1.2% as investors
reacted to the FOMC’s decision concerning further tapering of its asset-purchasing
program. The S&P 500 index extended recent decline, testing the support
at around 1,775, marked by some of the previous local highs and lows. The market
is close to last-year’s upward trend line. Will it break below the line? The
nearest important resistance remains at 1,800-1,810, marked by recent local
highs, 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 lost
0.2-0.3% so far. Investors continue to worry about the emerging markets crisis,
pushing down EUR vs. USD. There will be some economic data released today:
Initial Claims, GDP-Advance number at 8:30 a.m., Pending Home Sales at 10:00
a.m. The S&P 500 futures contract (CFD) trades near the low of its recent
downtrend, testing a potential level of support at around 1,770. On the other
hand, the resistance remains at 1,800:
The Nasdaq 100 futures contract (CFD) is in a similar consolidation, close
to its recent low. The support seems to be at around 3,450-3,470, and the resistance
is at around 3,520. For now, it looks like a flat correction within a downtrend,
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‘
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Trading Alerts.
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