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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: More Short-Term Uncertainty As Investors Await Quarterly Earnings Releases

Stock Trading Alert originally published on April 2, 2015, 6:39 AM:


 

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

Our intraday outlook is now 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 lost 0.4-0.5% on Wednesday, retracing their Monday's move up, as investors reacted to worse-than-expected economic data announcements. The S&P 500 index remains close to support level of 2,040-2,050, marked by previous local lows. On the other hand, level of resistance is at around 2,080-2,090. For now, it looks like some further fluctuations within a medium-term consolidation following October-November rally:

S&P500 Daily Chart
Larger Image

Expectations before the opening of today's trading session are slightly negative, with index futures currently down 0.3-0.4%. The European stock market indexes have been virtually flat so far. Investors will now wait for some economic data announcements: Challenger Job Cuts report at 7:30 a.m., Initial Claims, Trade Balance at 8:30 a.m., Factory Orders at 10:00 a.m. The S&P 500 futures contract (CFD) trades within an intraday downtrend, as it extends its short-term consolidation along the level of 2,050. The nearest important level of support remains at around 2,030-2,040, as the 15-minute chart shows:

S&P500 15-Minute Chart
Larger Image

The technology Nasdaq 100 futures contract (CFD) continues to trade along the level of 4,300. The nearest important level of resistance is at 4,320-4,330, marked by some recent local highs. On the other hand, support level is at 4,260,4,280, marked by local lows, as we can see on the 15-minute chart:

NASDAQ 100 Futures 15-Minute Chart
Larger Image

Concluding, the broad stock market continues to trade within a short-term consolidation, as investors remain uncertain ahead of Friday's monthly jobs report announcement, quarterly corporate earnings releases. For now, it looks like further medium-term consolidation, following last year's October-November rally. We 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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