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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: 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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