Stock Trading Alert: Stocks Fluctuate Near Their Recent Highs | Paul …
Stock Trading Alert: Stocks Fluctuate Near Their Recent Highs
By:
| Mon, Feb 24, 2014
Originally published on Feb 24, 2014, 6:10 a.m.
Our intraday outlook remains bearish, and our short-term outlook is neutral:
Intraday (next 24 hours) outlook: bearish
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 lost between 0.2% and 0.3% on Friday, as investors
took profits following recent rally. The S&P 500 index remains close to
its January 15 all-time high of 1,850.84. Will it break above the resistance?
For now, it looks like some sort of a topping consolidation pattern, however,
a bullish scenario cannot be excluded. The nearest important support is at
around 1,800-1,810, marked by the November-December consolidation and some
other local extremes. The index continues to trade in a medium-term consolidation,
as we can see on the daily chart:
Expectations before the opening of today’s session are virtually flat, with
index futures currently mixed between -0.1% and +0.1%. The main European stock
market indexes have lost 0.1-0.5% so far. The S&P 500 futures contract
(CFD) continues to fluctuate slightly below its recent highs. The resistance
is at around 1,840-1,845, and the nearest support is at 1,830:
The technology Nasdaq 100 futures contract (CFD) remains in a similar trading
range, below its recent highs. The resistance is at around 3,685-3,700, and
the support is at around 3,640-3,650. For now, it looks like a flat correction
within an uptrend, however, a double-top pattern formation cannot be excluded,
as the 15-minute chart shows:
Thank you.
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Author: Paul Rejczak
Paul Rejczak
Stock Trading Strategist
Stock
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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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