Stock Trading Alert: Stocks Fluctuate Near Their Recent Highs

By: Paul Rejczak | Mon, Feb 24, 2014
Print Email

Originally published on Feb 24, 2014, 6:10 a.m.


 

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

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

The U.S. stock market indexes lost between 0.2% and 0.3% on Friday, as investors took profits following recent rally. The S&P 500 index remains close to its January 15 all-time high of 1,850.84. Will it break above the resistance? For now, it looks like some sort of a topping consolidation pattern, however, a bullish scenario cannot be excluded. The nearest important support is at around 1,800-1,810, marked by the November-December consolidation and some other local extremes. The index continues to trade in a medium-term consolidation, as we can see on the daily chart:

US Stock Market Indexes - Daily Chart
Larger Image

Expectations before the opening of today's session are virtually flat, with index futures currently mixed between -0.1% and +0.1%. The main European stock market indexes have lost 0.1-0.5% so far. The S&P 500 futures contract (CFD) continues to fluctuate slightly below its recent highs. The resistance is at around 1,840-1,845, and the nearest support is at 1,830:

S&P 500 Futures Contract (CFD)
Larger Image

The technology Nasdaq 100 futures contract (CFD) remains in a similar trading range, below its recent highs. The resistance is at around 3,685-3,700, and the support is at around 3,640-3,650. For now, it looks like a flat correction within an uptrend, however, a double-top pattern formation cannot be excluded, as the 15-minute chart shows:

NASDAQ 100 Futures Contract (CFD)
Larger Image

Thank you.

 


 

Paul Rejczak

Author: Paul Rejczak

Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts
SunshineProfits.com

Paul Rejczak

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 behavior based on both traditional and innovative methods of technical analysis. Paul has made his name by developing mechanical trading systems. Paul is the author of Sunshine Profits' premium service for stock traders: Stock Trading Alerts.

Disclaimer: All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak's reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

Copyright © 2014 Sunshine Profits

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com

SEARCH





TRUE MONEY SUPPLY

Source: The Contrarian Take http://blogs.forbes.com/michaelpollaro/
austrian-money-supply/