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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: Positive Expectations Following Ukraine Cease-Fire Deal

Stock Trading Alert originally published on February 12, 2015, 6:17 AM:


 

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

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

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

The U.S. stock market indexes were mixed between 0.0% and +0.4% on Wednesday, as investors remained uncertain following recent move up. Our yesterday's neutral intraday outlook has proved accurate. The S&P 500 index continues to fluctuate within its three-month long consolidation. The nearest important level of resistance is at around 2,080-2,100, marked by the December 29th all-time high of 2,093.55, among others. On the other hand, support level remains at 2,040-2,050, marked by recent local lows, as we can see on the daily chart:

S&P500 Daily Chart
Larger Image

Expectations before the opening of today's trading session are positive, with index futures currently up 0.5-0.6%. The European stock market indexes have gained 0.4-1.7% so far. Investors will now wait for some economic data announcements: Initial Claims, Retail Sales at 8:30 a.m., Business Inventories at 10:00 a.m. The S&P 500 futures contract (CFD) is in an intraday uptrend, as it reaches resistance level at around 2,075-2,080. On the other hand, level of support is at 2,050-2,060:

S&P500 15-Minute Chart
Larger Image

The technology Nasdaq 100 futures contract (CFD) continues its short-term uptrend, as it breaks above the level of 4,300. it remains relatively stronger than the broad stock market. The nearest important level of support is at 4,280-4,300, as the 15-minute chart shows:

NASDAQ 100 Futures 15-Minute Chart
Larger Image

Concluding, the broad stock market remains close to important medium-term resistance level, marked by last year's December all-time high. We still prefer to be out of the market, avoiding low risk/reward ratio trades. We will let you know when we think it is safe to get back in the market.

Thank you.

 

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