Stock Trading Alert: Stocks Fluctuate Following Recent Advance …
Stock Trading Alert: Stocks Fluctuate Following Recent Advance – Topping Consolidation Or Just A Flat Correction?
By:
| Thu, Jun 26, 2014
Stock
Trading Alert originally published on June 26, 2014, 6:55 AM:
Briefly: In our opinion, no speculative positions are justified.
Our intraday outlook remains neutral, and our short-term outlook is now neutral,
following Tuesday’s intraday reversal:
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 U.S. stock market indexes gained between 0.3% and 0.7% on Wednesday, retracing
Tuesday’s move down, as investors were buying stocks despite worse-than-expected
GDP data release. So, our yesterday’s
short-term neutral outlook has proved to be quite accurate. The S&P
500 index continues to fluctuate slightly below its recent all-time high of
1,968.17. The resistance level is at 1,960-1,970, and the nearest level of
support is at 1,940-1,950. For now, it looks like a flat correction within
an uptrend. There have been no confirmed sell signals so far. The market remains
above its month-long upward trend line, as we can see on the daily chart:
Expectations before the opening of today’s session are virtually flat and
the main European stock market indexes have been mixed so far. Investors will
now wait for some economic data announcements: Initial Claims, Personal Income,
Personal Spending, PCE Prices – Core at 8:30 a.m. The S&P 500 futures contract
(CFD) extends its short-term consolidation below the level of resistance at
around 1,960. For now, it looks like a flat correction within long-term uptrend.
The nearest support level is at 1,935-1,940, marked by previous local low,
as the 15-minute chart shows:
The technology Nasdaq 100 futures contract (CFD) is in a relatively narrow
intraday trading range, as it is relatively stronger than the broad market.
The resistance level is at 3,825-3,830, and the nearest important support level
is at 3,790-3,800:
Concluding, the broad stock market appears to be in a short-term consolidation,
fluctuating along the level of 1,950. We decided to close our speculative long
position, expecting some more consolidation or a downward correction.
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 Fluctuate Following Recent Advance …
