Stock Trading: Short-Term Uncertainty As Indices Fluctuate Near …
Expectations before the opening of today’s session are virtually flat.
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My firm’s intraday outlook is neutral, and our short-term outlook is neutral:
Intraday (next 24 hours) outlook: neutral.
Short-term (next one to two weeks) outlook: neutral.
Medium-term (next one to three months) outlook: neutral.
Long-term outlook (next year): bullish.
The main US stock market indices were mixed between -0.5% and +0.2% on Friday (March 7) as investors reacted to the unemployment data release. The S&P 500 Index (INDEXSP:.INX) has reached yet another new all-time high at 1,883.57, before closing virtually flat. The nearest important resistance is at 1,880-1,900, and the nearest support level is at around 1,860-1,865, marked by some of the recent local highs. There have been no confirmed uptrend reversal signals so far, however, we can see some uncertainty following the recent rally:
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Expectations before the opening of today’s session are virtually flat, with index futures mixed between -0.1% and +0.1%. The European stock market indices have gained 0.1-0.8% so far. The S&P 500 futures contract (CFD) extends its short-term consolidation. The resistance is at around 1,885, and the nearest important support is at 1,865-1,870. For now, it looks like a flat correction within uptrend, as we can see on the 15-minute chart:
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The technology Nasdaq-100 (INDEXNASDAQ:NDX) futures contract (CFD) has retraced some of its recent advance. It trades around the level of 3,700. The support is at around 3,685-2,690, and the nearest resistance is at 3,710, marked by the recent low. The next resistance remains at 3,720-3,740, as the 15-minute chart shows:
Click to enlarge
For the full version of this essay and more, visit Sunshine Profits’ website.
Paul Rejczak is a stock market strategist who has been known for the quality of his technical and fundamental analysis since the late 1990s. 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. He is the author of Sunshine Profits‘ premium service for stock traders: Stock Trading Alerts.
No positions in stocks mentioned.
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Stock Trading: Short-Term Uncertainty As Indices Fluctuate Near …
