Stock Trading Alert: Stocks Continue Long-Term Uptrend

By: Paul Rejczak | Thu, Apr 3, 2014
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Stock Trading Alert originally published on Apr 04, 2014, 6:54 AM:


 

Our intraday outlook is neutral, and our short-term outlook is now bullish, following breakout above month-long consolidation:

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

The U.S. stock market indexes gained 0.2-0.3% on Wednesday, slightly extending their recent move up, as investors awaited Friday's unemployment data release. The S&P 500 index has reached a new all-time high at 1,893.17. The nearest important resistance is at the psychological level of 1,900. On the other hand, the support is at around 1,880, and the next support is at 1,840-1,850. The market broke out above month-long consolidation, which is a positive signal, 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 slightly positive, with index futures currently up 0.1-0.2%. The main European stock market indexes have been virtually flat so far. Investors will now wait for some economic data announcements: Challenger Job Cuts report at 7:30 a.m., Initial Claims, Trade Balance at 8:30 a.m., ISM Services number at 10:00 a.m. The S&P 500 futures contract (CFD) trades in a short-term uptrend, above its recent consolidation. The nearest support is at 1,875, with potential resistance at 1,890-1,900:

S&P500 Chart
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The technology Nasdaq 100 futures contract (CFD) remains relatively weaker, retracing some of its March move down. The resistance is at around 3,680-3,700, and the support is at 3,630, among others, as the 15-minute chart shows:

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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