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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: Stocks Extended Short-Term Uptrend - New All-Time Highs Ahead?

Stock Trading Alert originally published on April 13, 2015, 6:25 AM:


 

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

Our intraday outlook is 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 0.4-0.6% on Friday, extending their short-term uptrend, as investors reacted to quarterly corporate earnings releases, among others. The S&P 500 index trades slightly above the level of 2,100. The nearest important level of resistance is at around 2,115-2,120, marked by February 25 all-time high of 2,119.59. On the other hand, support level is at 2,070-2,080, marked by previous resistance level, as we can see on the daily chart:

S&P500 Daily Chart
Larger Image

Expectations before the opening of today's trading session are virtually flat. The main European stock market indexes have been mixed so far. The S&P 500 futures contract (CFD) trades within an intraday consolidation, following Friday's move up. The nearest important level of resistance is at around 2,095-2,100. On the other hand, support level is at 2,080, among others:

S&P500 15-Minute Chart
Larger Image

The technology Nasdaq 100 futures contract (CFD) follows a similar path, as it fluctuates within a relatively narrow trading range. The nearest important level of support remains at 4,400, and resistance level is at 4,415-4,420, as the 15-minute chart shows:

NASDAQ 100 Futures 15-Minute Chart
Larger Image

Concluding, the broad stock market extended its short-term uptrend, as investors reacted to quarterly earnings releases. 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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