Stock Trading Alert originally published on Mar 24, 2014, 7:33 AM:
Our intraday outlook is 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 U.S. stock market indexes lost between 0.2% and 1.1% on Friday, as investors took profits following higher open. However, the S&P 500 index has managed to reach yet another new all-time high at 1,883.97, slightly exceeding its march 7 high of 1,883.57. The resistance remains at around 1,880-1,900. On the other hand, the support is at 1,840-1,850, marked by some of the previous local lows. The market remains in a few-week long consolidation, following February rally, as we can see on the daily chart:
Expectations before the opening of today's session are slightly positive, with index futures currently up 0.1-0.2%. The main European stock market indexes have lost 0.5-0.7% so far. The S&P 500 futures contract (CFD) extends its consolidation, moving along the level of 1,850. The resistance is at around 1,870-1,875, and the support remains at 1,830-1,840. There is no clear short-term direction, as the 15-minute chart shows:
The technology Nasdaq 100 futures contract (CFD) continues to fluctuate, remaining relatively slightly weaker, as it trades below the level of 3,650. The support is at 3,600-3,610, and the resistance is at the psychological 3,700, among others:
Thank you.
