Stock Trading Alert: Stocks Got Close To All-Time Highs Following …
Stock Trading Alert: Stocks Got Close To All-Time Highs Following Fed’s Decision Release
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| Thu, Mar 19, 2015
Stock Trading Alert originally published on March 19, 2015, 7:32 AM:
Briefly: In our opinion, no speculative positions are justified.
Our intraday outlook is now neutral, and our short-term outlook is neutral:
Intraday outlook (next 24 hours): neutral
Short-term outlook (next 1-2 weeks): neutral
Medium-term outlook (next 1-3 months): neutral
Long-term outlook (next year): bullish
The main U.S. stock market indexes gained between 1.1% and 1.3% on Wednesday, extending their recent move up, as investors reacted to the Fed’s Decision release. The S&P 500 index got closer to its February 25 all-time high of 2,119.59, as it reached daily high at 2,106.85. The nearest important resistance level is at around 2,100-2,120. On the other hand, support level is at 2,080-2,090, marked by previous resistance level, as we can see on the daily chart:
Expectations before the opening of today’s trading session are virtually flat. The European stock market indexes have gained 0.1% so far. Investors will now wait for some economic data announcements: Initial Claims at 8:30 a.m., Leading Indicators, Philadelphia Fed number at 10:00 a.m. The S&P 500 futures contract (CFD) is in an intraday consolidation, following yesterday’s rally. The nearest important level of resistance is at around 2,100, as the 15-minute chart shows:
The technology Nasdaq 100 futures contract (CFD) follows a similar path, as it trades along the level of 4,420. The nearest important level of resistance is at around 4,420-4,430, marked by local highs. On the other hand, support level is at 4,400, among others:
Concluding, the broad stock market retraced most of its March move down, as investors reacted to Fed’s Decision announcement. For now, it looks like some further medium-term consolidation, following last year’s October-November rally. We prefer to be out of the market, avoiding low risk/reward ratio trades. We will let you know when we think it is safe to get back in the market.
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 Got Close To All-Time Highs Following …
