Stock Trading Alert: Short-Term Uncertainty As Indexes Fluctuate Near Record Highs

By: Paul Rejczak | Mon, Mar 10, 2014
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Stock Trading Alert originally published on Mar 10, 2014, 7:48 AM:


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

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

The main U.S. stock market indexes were mixed between -0.5% and +0.2% on Friday, as investors reacted to the unemployment data release. The S&P 500 index has reached yet another new all-time high at 1,883.57, before closing virtually flat. The nearest important resistance is at 1,880-1,900, and the nearest support level is at around 1,860-1,865, marked by some of the recent local highs. There have been no confirmed uptrend reversal signals so far, however, we can see some uncertainty following recent rally:

S&P500 Weekly Chart
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Expectations before the opening of today's session are virtually flat, with index futures mixed between -0.1% and +0.1%. The European stock market indexes have gained 0.1-0.8% so far. The S&P 500 futures contract (CFD) extends its short-term consolidation. The resistance is at around 1,885, and the nearest important support is at 1,865-1,870. For now, it looks like a flat correction within uptrend, as we can see on the 15-minute chart:

S&P500 Daily Chart
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The technology Nasdaq 100 futures contract (CFD) has retraced some of its recent advance. It trades around the level of 3,700. The support is at around 3,685-2,690, and the nearest resistance is at 3,710, marked by the recent low. The next resistance remains at 3,720-3,740, as the 15-minute chart shows:

Daily Chart 2
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Thank you.



Paul Rejczak

Author: Paul Rejczak

Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts

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.

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