• 399 days Will The ECB Continue To Hike Rates?
  • 399 days Forbes: Aramco Remains Largest Company In The Middle East
  • 401 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 801 days Could Crypto Overtake Traditional Investment?
  • 806 days Americans Still Quitting Jobs At Record Pace
  • 808 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 811 days Is The Dollar Too Strong?
  • 811 days Big Tech Disappoints Investors on Earnings Calls
  • 812 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 814 days China Is Quietly Trying To Distance Itself From Russia
  • 814 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 818 days Crypto Investors Won Big In 2021
  • 818 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 819 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 821 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 822 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 825 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 826 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 826 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 828 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: Stocks Extend Uptrend As Investors Sentiment Remains High - Will It Continue?

Stock Trading Alert originally published on July 7, 2014, 6:04 AM:


 

Briefly: In our opinion, no speculative positions are justified.

Our intraday outlook remains 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 main U.S. stock market indexes gained 0.5-0.6% on Thursday, accelerating their uptrend, as investors reacted to better-than-expected monthly jobs report release. The S&P 500 index reached a new all-time high at 1,985.89, moving closer to the psychological resistance level of 2,000. On the other hand, the nearest important support level is at around 1,970, marked by some recent local extremes, and the next level of support is at 1,950-1,960. There have been no confirmed negative signals, however, we can see some short-term overbought:

S&P500 Daily Chart
Larger Image

Expectations before the opening of today's session are slightly negative, with index futures currently down 0.1%. The European stock market indexes have lost between 0.1% and 0.4% so far. The S&P 500 futures contract (CFD) is in a relatively narrow intraday range, following recent rally. The resistance level is at around 1,975-1,980, and the nearest level of support is at 1,965, marked by recent consolidation, as we can see on the 15-minute chart:

S&P500 15-Minute Chart
Larger Image

The technology Nasdaq 100 futures contract (CFD) broke above the level of 3,900, reaching new long-term highs. The nearest level of support is at 3,900, and a potential resistance level is at around 3,915-3,920. There are some overbought conditions, however, there have been no confirmed negative signals so far:

NASDAQ 100 15-Minute Chart
Larger Image

Concluding, the broad stock market rallied to new all-time highs last week, as the S&P 500 index moved closer to the level of 2,000. There have been no confirmed negative signals so far, however, we can see some short-term overbought which may lead to a correction. Therefore, we think that it is better to stay out of the market at this moment.

Thank you.

 

Back to homepage

Leave a comment

Leave a comment