• 17 hours New Study Equates Luxury Cars With Low Self-Esteem
  • 20 hours Rio Tinto To Spend $1 Billion To Reduce Its Carbon Footprint
  • 2 days The Ultra-Wealthy Lost $140 Billion In One Day
  • 2 days Three Energy Casualties In The Coronavirus Crisis
  • 3 days Markets Crumble As Coronavirus Panic Peaks
  • 3 days Cobalt May Be The Key To Clean Hydrogen Fuel
  • 5 days How Taxpayers Are Bankrolling The EV Revolution
  • 6 days The Coronavirus Is Crushing China’s Car Market
  • 7 days Fighting For Survival In The Streaming War
  • 8 days Want A Job? Forget About A Bachelor’s Degree
  • 8 days Another Major Car Maker Is Backing Hydrogen
  • 9 days Are Americans Finally Sold On Soccer?
  • 9 days Is The Tech Bubble About To Burst?
  • 10 days Coronavirus Could Cost Tourism Industry $80 Billion
  • 10 days What Web Traffic Trends Can Tell Us About The World
  • 10 days Miners Face Greater Headwinds
  • 11 days Boris Johnson Proposes Billion Dollar Bridge To Northern Ireland
  • 12 days Goldman Slashes Oil Price Forecast By $10
  • 13 days Tesla Raises $2 Billion In Share Selloff
  • 14 days What The T-Mobile Takeover Of Sprint Really Means For Markets
How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

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…

Contact Author

  1. Home
  2. Markets
  3. Other

Stock Trading Alert: No Clear Short-Term Direction - Topping Pattern?

Stock Trading Alert originally published on December 28, 2015, 6:57 AM:


 

Briefly: In our opinion, no speculative positions are justified.

Our intraday outlook is now 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 main U.S. stock market indexes lost 0.1-0.3% on Thursday, retracing some of their recent move up, as investors took short-term profits off the table. The S&P 500 index extends its medium-term consolidation following October rally. The nearest important level of resistance is at around 2,080-2,100. On the other hand, support level is at 2,000-2,020:

S&P500 Futures Daily Chart
Larger Image

Expectations before the opening of today's trading session are negative, with index futures currently down 0.2-0.4%. The European stock market indexes have been mixed so far. The S&P 500 futures contract trades within an intraday downtrend, as it retraces some of its recent advance. The nearest important level of resistance is at 2,050-2,060. On the other hand, support level is at 2,020, among others, as the 15-minute chart shows:

S&P500 Futures 15-Minute Chart
Larger Image

The technology Nasdaq 100 futures contract follows a similar path, as it currently trades along the level of 4,600. The nearest important level of resistance is at around 4,630, and support level is at 4,580-4,600, 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 Thursday. There have been no confirmed negative signals so far. The S&P 500 index extends its two-month long consolidation following October rally. 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.

 

Back to homepage

Leave a comment

Leave a comment