Stock Trading Alert: Uncertainty Following Recent Rally | Paul …
Stock Trading Alert: Uncertainty Following Recent Rally
By:
| Tue, Feb 18, 2014
Stock
Trading Alert originally published on Feb 18, 2014, 6:52 AM
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 gained between 0.1% and 0.8% on Friday, extending
their recent rally as investors continued to buy stocks at higher levels. The
S&P 500 index got close to its January 15 all-time high of 1,850.84 (Friday’s
daily high at 1,841.65). The nearest important resistance is at 1,840-1,850.
On the other hand, the support remains at 1,800-1,810, marked by the November-December
consolidation, among others, 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 0.0%. The European stock market
indexes have lost 0.1-0.5% so far, following weaker-than expected economic
data release from Germany. Investors will now wait for some U.S. economic data
announcements: Empire Manufacturing number at 8:30 a.m., NAHB Housing Market
Index at 10:00 a.m. The S&P 500 futures contract (CFD) trades slightly
below its recent highs, fluctuating within a rather narrow range. The resistance
is at around 1,840, and the nearest support is at 1,825-1,830, as the 15-minute
chart shows:
The technology Nasdaq 100 futures contract (CFD) is in an analogous short-term
consolidation, just below its recent highs. The resistance is at around 3,670,
and the support is at 3,640-3,650. For now, it looks like a topping consolidation,
as the market might retrace some of the recent uptrend:
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‘
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Trading Alerts.
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Stock Trading Alert: Uncertainty Following Recent Rally | Paul …
