• 512 days Will The ECB Continue To Hike Rates?
  • 512 days Forbes: Aramco Remains Largest Company In The Middle East
  • 514 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 914 days Could Crypto Overtake Traditional Investment?
  • 918 days Americans Still Quitting Jobs At Record Pace
  • 920 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 923 days Is The Dollar Too Strong?
  • 924 days Big Tech Disappoints Investors on Earnings Calls
  • 925 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 926 days China Is Quietly Trying To Distance Itself From Russia
  • 927 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 931 days Crypto Investors Won Big In 2021
  • 931 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 932 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 934 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 934 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 938 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 938 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 938 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 941 days Are NFTs About To Take Over Gaming?
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: Another New All-Time High - Will Uptrend Accelerate?

Stock Trading Alert originally published on June 23, 2014, 6:44 AM:


 

Briefly: In our opinion speculative long positions are still favored (with stop-loss at 1,910, S&P 500 index).

Our intraday outlook is neutral, and our short-term outlook remains bullish:

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 gained between 0.1% and 0.2% on Friday, extending their short-term advance, as investors remained optimistic following some recent economic data announcements. Our Friday's bullish short-term outlook has proved to be right, as the S&P 500 index has reached new all-time high of 1,963.91. The nearest important level of support is at around 1,950-1,955, marked by previous local highs, among others. The next support is at 1,915-1,925, marked by the early June consolidation. On the other hand, a potential resistance is at the psychological level of 2,000. There have been no confirmed negative signals so far, as we can see on the daily chart:

S&P500 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 0.3-0.5% so far, following some worse-than-expected economic data releases. Investors will now wait for the Existing Home Sales number announcement at 10:00 a.m. The S&P 500 futures contract (CFD) trades close to its all-time high, following some early morning retracement. The resistance level is at around 1,960. On the other hand, the nearest important support is at 1,945-1,950. For now, it looks like a relatively flat correction within an uptrend:

S&P500 15-Minute Chart
Larger Image

The technology Nasdaq 100 futures contract (CFD) is relatively weaker than the broad stock market, as it continues to fluctuate along the level of 3,800. The nearest important support level is at around 3,775-3,800, marked by recent local low, as the 15-minute chart shows:

NASDAQ 100 Futures 15-Minute Chart
Larger Image

Concluding, the broad stock market extended its long-term uptrend, as it reached a new record high on Friday. We continue to maintain our already profitable long position, expecting some more upside. The stop-loss (protect-gain in this case) remains at 1,910 - S&P 500 index.

Thank you.

 

Back to homepage

Leave a comment

Leave a comment