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Paul Rejczak

Paul Rejczak

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 Fluctuate As Investors Await Earnings Reports Releases - Which Direction Is Next?

Stock Trading Alert originally published on April 9, 2015, 6:17 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 gained between 0.2% and 0.7% on Wednesday, as investors reacted to the FOMC Minutes release. The S&P 500 index extended its short-term fluctuations following recent advance. The nearest important level of resistance is at around 2,080-2,090, marked by previous local extremes. On the other hand, support level remains at 2,040-2,050. There is no clear medium-term direction, as we can see on the daily chart:

S&P500 Daily Chart
Larger Image

Expectations before the opening of today's trading session are negative, with index futures currently down 0.3-0.4%. The main European stock market indexes have gained 0.3-0.6% so far. Investors will now wait for some economic data announcements: Initial Claims at 8:30 a.m., Wholesale Inventories at 10:00 a.m. The S&P 500 futures contract (CFD) is in an intraday downtrend, as it retraces some of its yesterday's move up. The nearest important level of resistance is at around 2,080, and support level is at 2,060, among others:

S&P500 15-Minute Chart
Larger Image

The technology Nasdaq 100 futures contract (CFD) retraces some of yesterday's move up, however, it remains relatively stronger than the broad stock market. The nearest important resistance level is at around 4,380-4,400. On the other hand, support level is at 4,320-4,330, as the 15-minute chart shows:

NASDAQ 100 Futures 15-Minute Chart
Larger Image

Concluding, the broad stock market continues to fluctuate following Monday's move up. There has been no clear short-term direction so far. For now, it looks like further medium-term consolidation, following last year's October-November rally. 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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