• 747 days Will The ECB Continue To Hike Rates?
  • 747 days Forbes: Aramco Remains Largest Company In The Middle East
  • 749 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,149 days Could Crypto Overtake Traditional Investment?
  • 1,154 days Americans Still Quitting Jobs At Record Pace
  • 1,156 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,159 days Is The Dollar Too Strong?
  • 1,159 days Big Tech Disappoints Investors on Earnings Calls
  • 1,160 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,162 days China Is Quietly Trying To Distance Itself From Russia
  • 1,162 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,166 days Crypto Investors Won Big In 2021
  • 1,166 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,167 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,169 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,170 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,173 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,174 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,174 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,176 days Are NFTs About To Take Over Gaming?
What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

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: Stocks Fluctuate Near Their Recent Highs

Originally published on Feb 24, 2014, 6:10 a.m.


 

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 lost between 0.2% and 0.3% on Friday, as investors took profits following recent rally. The S&P 500 index remains close to its January 15 all-time high of 1,850.84. Will it break above the resistance? For now, it looks like some sort of a topping consolidation pattern, however, a bullish scenario cannot be excluded. The nearest important support is at around 1,800-1,810, marked by the November-December consolidation and some other local extremes. The index continues to trade in a medium-term consolidation, as we can see on the daily chart:

US Stock Market Indexes - Daily Chart
Larger Image

Expectations before the opening of today's session are virtually flat, with index futures currently mixed between -0.1% and +0.1%. The main European stock market indexes have lost 0.1-0.5% so far. The S&P 500 futures contract (CFD) continues to fluctuate slightly below its recent highs. The resistance is at around 1,840-1,845, and the nearest support is at 1,830:

S&P 500 Futures Contract (CFD)
Larger Image

The technology Nasdaq 100 futures contract (CFD) remains in a similar trading range, below its recent highs. The resistance is at around 3,685-3,700, and the support is at around 3,640-3,650. For now, it looks like a flat correction within an uptrend, however, a double-top pattern formation cannot be excluded, as the 15-minute chart shows:

NASDAQ 100 Futures Contract (CFD)
Larger Image

Thank you.

 

Back to homepage

Leave a comment

Leave a comment