• 678 days Will The ECB Continue To Hike Rates?
  • 678 days Forbes: Aramco Remains Largest Company In The Middle East
  • 680 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,080 days Could Crypto Overtake Traditional Investment?
  • 1,084 days Americans Still Quitting Jobs At Record Pace
  • 1,086 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,089 days Is The Dollar Too Strong?
  • 1,090 days Big Tech Disappoints Investors on Earnings Calls
  • 1,091 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,092 days China Is Quietly Trying To Distance Itself From Russia
  • 1,093 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,096 days Crypto Investors Won Big In 2021
  • 1,097 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,098 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,100 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,100 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,103 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,104 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,104 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,106 days Are NFTs About To Take Over Gaming?
Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

Paul Rejczak

Paul Rejczak

Writer, Sunshine Profits

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…

Contact Author

  1. Home
  2. Markets
  3. Other

Stock Trading Alert: Uncertainty Following Recent Rally

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:

S&P 500 Index: Daily Chart
Larger Image

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:

S&P 500 futures contract (CFD): 15-minute Chart
Larger Image

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:

Nasdaq 100 futures contract (CFD): signs of a topping consolidation
Larger Image

Thank you.

 

Back to homepage

Leave a comment

Leave a comment