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Paul Rejczak

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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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