Stock Trading Alert: Uncertainty Following Recent Decline | Paul …
Stock Trading Alert: Uncertainty Following Recent Decline
By:
| Mon, Mar 17, 2014
Stock
Trading Alert originally published on Mar 17, 2014, 7:56 AM:
Our intraday outlook is now 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 0.3% and 0.7% on Friday, as
investors continued to take profits, following February through early March rally,
which sent indexes to new long-term highs. The S&P 500 has deepened its
downward correction, moving away from the March 7 all-time high of 1,883.57.
The nearest important support is at around 1,835-1,840, marked by some of the
recent local lows. On the other hand, the resistance is at 1,850, and the next
resistance is at around 1,860-1,865, as we can see on the daily chart:
Expectations before the opening of today’s session are positive, with index
futures currently up 0.6-0.7%. The European stock market indexes have gained
0.4-0.7% so far. Investors will now wait for some economic data releases: Empire
Manufacturing indicator at 8:30 a.m., Industrial Production, Capacity Utilization
at 9:15 a.m., NAHB Housing Market Index at 10:00 a.m. The S&P 500 futures
contract (CFD) bounced off the support at around 1,830, as market sentiment
improved following some positive news concerning Russia-Ukraine conflict. The
nearest important resistance level is at around 1,850, as the 15-minute chart
shows:
The technology Nasdaq 100 futures contract (CFD) trades near the resistance
level at around 3,650-3,660, following a quick rebound from the psychological
support of 3,600. For now, it looks like a correction within short-term downtrend,
however a downtrend reversal cannot be ruled out:
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: Uncertainty Following Recent Decline | Paul …
