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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…

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Stock Trading Alert: Stocks Continue Long-Term Uptrend, Will It Accelerate Or Reverse?

Stock Trading Alert originally published on June 02, 2014, 6:57 AM:


 

Briefly: In our opinion speculative long positions are still favored (with stop-loss at 1,885, S&P 500 index).

Our intraday outlook is neutral, and our short-term outlook is bullish, following a breakout above consolidation:

Intraday (next 24 hours) outlook: neutral
Short-term (next 1-2 weeks) outlook: bullish
Medium-term (next 1-3 months) outlook: neutral
Long-term outlook (next year): bullish

The U.S. stock market indexes were mixed between 0.0% and +0.2% on Friday, as investors hesitated following recent rally. Our Friday's neutral intraday outlook has proved to be quite accurate. However, the S&P 500 index has managed to reach yet another new all-time high at 1,924.03. The nearest important support is at 1,880-1,900, marked by previous resistance. There have been no confirmed negative signals so far, although, we can see some short-term overbought:

S&P500 Daily Chart
Larger Image

Expectations before the opening of today's session are slightly positive, with index futures currently up 0.1%. The main European stock market indexes have gained 0.1-0.3% so far. Investors will now wait for some economic data announcements: ISM Index, Construction Spending, Factory Orders at 10:00 a.m. The S&P 500 futures contract (CFD) trades in a relatively narrow intraday range, remaining close to its recent high. The nearest support is at around 1,910-1,915, and the resistance is at 1,925, as we can see on the 15-minute chart:

S&P500 15-Minute Chart
Larger Image

The technology Nasdaq 100 futures contract (CFD) continues to fluctuate, as it trades slightly below the short-term resistance of 3,740. There have been no confirmed negative signals so far. On the other hand, the support level is at 3,700-3,710, as the 15-minute chart shows:

NASDAQ 100 Futures 15-Minute Chart
Larger Image

Concluding, the broad stock market remains in a short-term uptrend, as it extends five-year long bull market. We continue to maintain our already profitable long position, with stop-loss at 1,885 (S&P 500 index). In other words, we let the profit run while there is an uptrend.

Thank you.

 

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