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Paul Rejczak

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Stock Trading Alert: More Volatile Fluctuations As Investors Await Next Move By Fed

Stock Trading Alert originally published on September 10, 2015, 6:28 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): bearish
Long-term outlook (next year): bullish

The U.S. stock market indexes lost 1.2-1.5% on Wednesday, as investors took short-term profits following Tuesday's move up. The S&P 500 index continues to trade below the level of 2,000. The nearest important level of resistance is at 1,980-2,000, marked by local highs. On the other hand, support level remains at 1,900-1,920, among others. There have been no confirmed positive signals so far. For now, it looks like an upward correction following late August sell-off:

S&P500 Futures Daily Chart
Larger Image

Expectations before the opening of today's trading session are positive, with index futures currently up 0.9-1.0%. The main European stock market indexes have lost 0.4-0.6% so far. Investors will now wait or some economic data announcements: Initial Claims at 8:30 a.m., Wholesale Inventories at 10:00 a.m., Crude Inventories at 11:00 a.m. The S&P 500 futures contract (CFD) trades within an intraday consolidation, as it retraces some of yesterday's decline. The nearest important level of resistance is at 1,980-2,000, and support level is at 1,930, marked by local low, as the 15-minute chart shows:

S&P500 Futures 15-Minute Chart
Larger Image

The technology Nasdaq 100 futures contract (CFD) follows a similar path, as it fluctuates following its yesterday's decline. The nearest important level of resistance is at 4,300, and support level is at 4,230-4,250, as we can see on the 15-minute chart:

NASDAQ 100 Futures 15-Minute Chart
Larger Image

Concluding, the broad stock market remained within a short-term consolidation on Wednesday, as the S&P 500 index extended its fluctuations below the level of 2,000. There have been no confirmed positive signals so far. We 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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