Stock Trading Alert: Further Uncertainty As Stocks Continue To Fluctuate

By: Paul Rejczak | Mon, Mar 31, 2014
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Stock Trading Alert originally published on Mar 31, 2014, 6:48 AM:


 

Our intraday outlook is neutral, and our short-term outlook remains 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 U.S. stock market indexes gained 0.2-0.5% on Friday, retracing some of the recent move down as investors reacted to economic data announcements, hoping for a positive, "window dressing" quarter-end. The S&P 500 index has managed to stay within its month long consolidation, bouncing off the support at around 1,840-1,850. On the other hand, the resistance remains at 1,880-1,900, as we can see on the daily chart:

S&P500 Daily Chart
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Expectations before the opening of today's session are positive, with index futures currently up between 0.3% and 0.4%. However, the main European stock market indexes have been mixed so far. Investors will now wait for the Chicago PMI number release at 9:45 a.m. The S&P 500 futures contract (CFD) extends its short-term consolidation, as it fluctuates along the level of 1,850. The support is at around 1,830-1,840, and the resistance remains at 1,870-1,880. There is no clear direction, as the 15-minute chart shows:

S&P500 15-Minute Chart
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The technology Nasdaq 100 futures contract (CFD) continues to be relatively weaker than broad market, as it fluctuates near its recent lows. The support remains at around 3,650. For now, it looks like a flat correction within a downtrend:

NASDAQ 100 Futures Chart
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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.

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