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Paul Rejczak

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Stock Trading Alert: Positive Expectations Following Greece Debt Deal - New All-time Highs Ahead?

Stock Trading Alert originally published on July 16, 2015, 6:55 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 main U.S. stock market indexes were virtually flat on Wednesday, as investors took some short-term profits off the table, following recent move up. The S&P 500 index remained above the level of 2,100. The nearest important resistance level is at around 2,120, and the next level of resistance is at 2,130-2,135, marked by May 20 all-time high of 2,134.72. On the other hand, support level is at 2,085-2,100, among others, as the daily chart shows:

S&P500 Futures Daily Chart
Larger Image

Expectations before the opening of today's trading session are positive, with index futures currently up 0.3-0.4%. The European stock market indexes have gained 0.4-1.5% so far. Investors will now wait for some economic data announcements: Initial Claims at 7:30 a.m., Philadelphia Fed, NAHB Housing Market Index at 10:00 a.m. The S&P 500 futures contract (CFD) trades within an intraday uptrend, as it continues its short-term move up. The nearest important resistance level is at around 2,120-2,130, and support level remains at 2,100, among others:

S&P500 Futures 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 4,530, as we can see on the 15-minute chart:

NASDAQ100 Futures 15-Minute Chart
Larger Image

Concluding, the broad stock market fluctuated yesterday, as investors took some short-term profits off the table. We continue to maintain our speculative short position (2,098.27, S&P 500 index), as we expect a medium-term 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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