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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 Ahead Of Apple's First Quarter Earnings Release

Stock Trading Alert originally published on April 27, 2015, 6:47 AM:


 

Briefly: In our opinion, speculative short positions are favored (with stop-loss at 2,140, and profit target at 1,980, S&P 500 index)

Our intraday outlook is bearish, and our short-term outlook is bearish:

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

The U.S. stock market indexes gained between 0.1% and 1.3% on Friday, extending their short-term uptrend, as investors reacted to quarterly corporate earnings releases. The S&P 500 index has reached yet another new all-time high at the level of 2,120.92, slightly extending its recent move up. The nearest important resistance level is at around 2,120, and support level is at 2,100, among others:

S&P500 Daily Chart
Larger Image

Expectations before the opening of today's trading session are positive, with index futures currently up 0.2-0.3%. The European stock market indexes have been mixed so far. Investors will now wait for Apple's first quarter earnings release after-hours. The S&P 500 futures contract (CFD) trades within an intraday uptrend, as it remains close to all-time high. The nearest important support level is at around 2,100, marked by recent local low, as the 15-minute chart shows:

S&P500 15-Minute Chart
Larger Image

The technology Nasdaq 100 futures contract (CFD) follows a similar path, as it continues its long-term uptrend. The nearest important level of support is at around 4,500, as we can see on the 15-minute chart:

NASDAQ 100 Futures 15-Minute Chart
Larger Image

Concluding, the S&P 500 index slightly extended its long-term uptrend on Friday, as the technology stocks led the broad stock market higher. There have been no confirmed negative signals so far. However, we continue to maintain our speculative short position (2,098.27, S&P 500 index), as we expect a downward correction or an uptrend reversal. Stop-loss is at 2,140, and potential profit target is at 1,980. You can trade S&P 500 index using futures contracts (S&P 500 futures contract - SP, E-mini S&P 500 futures contract - ES) or an ETF like the SPDR S&P 500 ETF - SPY. It is always important to set some exit price level in case some events cause the price to move in the unlikely direction. Having safety measures in place helps limit potential losses while letting the gains grow.

Thank you.

 

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