Stock Trading Alert: The Situation on the Broad Market Remains …
Stock Trading Alert: The Situation on the Broad Market Remains Tense as Companies Release Quarterly Earnings
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| Thu, Apr 24, 2014
Stock
Trading Alert originally published on Apr 24, 2014, 6:59 AM:
Briefly: In our opinion no speculative positions are justified.
Our intraday outlook remains neutral, and our short-term outlook is 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 0.1% and 0.9% yesterday, retracing
some of the recent move up, as investors decided to take profits off the table.
The S&P 500 index remains quite close to its April 4 all-time high of 1,897.28,
however, it continues to fluctuate along previous local highs. Our yesterday’s
neutral outlook has proved accurate, as the broad market index has lost
a mere 0.2%. The resistance is at 1,880-1,900, and the nearest important resistance
level is at around 1,840-1,850, marked by previous local lows. For now, it
looks like some further medium-term consolidation, following last year’s move
up, as we can see on the daily chart:
Expectations before the opening of today’s session are positive, with index
futures currently up 0.3-1.5%, as investors react to yesterday’s quarterly
earnings report release from Apple Inc. The European stock market indexes have
gained 0.7-1.0% so far. Investors will now wait for some economic data announcements:
Initial Claims, Durable Orders at 8:30 a.m. The S&P 500 futures contract
(CFD) trades in a relatively narrow intraday range, close to its short-term
highs. The resistance is
at around 1,890-1,900, and the nearest important support level is at 1,865-1,870,
marked by yesterday’s lows, as the 15-minute chart shows:
The technology Nasdaq 100 futures contract (CFD) remains in a short-term uptrend,
retracing more of its month-long decline. The resistance is at the psychological
level of 3,600. On the other hand, the support is at 3,540-3,550, marked by
yesterday’s lows. There have been no confirmed negative signals so far:
Concluding, the broad stock market continues to fluctuate within its medium-term
consolidation, as the S&P 500 index remains quite close to the early April
all-time high at around 1,900. We will wait for another opportunity to open
a trading position – at this time opening one doesn’t seem justified from the
risk/reward point of view.
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: The Situation on the Broad Market Remains …
