Stock Trading Alert: Stocks extend short-term consolidation

Stock Trading Alert: Stocks extend short-term consolidation

Stock Trading Alert: Stocks extend short-term consolidation

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U.S. Markets Desk


| December 2, 2013 3:42 pm

The main U.S. stock market indexes were mixed on a shortened Friday’s trading session.

Investors hesitated following recent move up. The S&P 500(NYSEARCA:SPY) reached yet another new intraday all-time high at 1,813.55, before closing down 0.1%. The nearest important support is at around the psychological 1,800. So, the market practically extends its short-term consolidation, moving sideways above the level of 1,800. This may lead to a downward correction. The next support is at around 1,770-1,775, marked by the late October, early November consolidation and the recent local low, as we can see on the daily chart:

Expectations before the opening of today’s session are virtually flat, as the European stock market indexes have lost between 0.2% and 0.6% so far. Investors will now wait for some economic data announcements: ISM Index and Construction Spending at 10:00 a.m. The S&P 500 futures contract (CFD) extends its fluctuations in a relatively narrow range. The resistance remains at around 1,810-1,815, and the nearest support is at 1,800. There are no confirmed trend reversal signals so far, as the 15-minute chart shows:

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Stock Trading Alert: Stocks extend short-term consolidation

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