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.
