Stock Trading Alert originally sent to subscribers on June 12, 2014, 6:49 AM.
Briefly: In
our opinion speculative long positions are still favored (with stop-loss at
1,910, S&P 500 index).
Our
intraday outlook is neutral, and our short-term outlook remains bullish:
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 lost between 0.1% and 0.6% on Wednesday, retracing some of
their recent move up, as investors took some profits off the table. The S&P
500 index bounced off the nearest resistance level at around 1,950-1,955,
marked by Monday’s all-time high of 1,955.55. The nearest important level of
support is at 1,940, and the next support is at 1,915-1,925, marked by recent
consolidation. For now, it looks like a relatively shallow correction within an
uptrend. There have been no confirmed negative signals so far, as we can see on
the daily chart:
Expectations
before the opening of today’s session are slightly positive, with index futures
currently up 0.1%. The main European stock market indexes have been mixed
between 0.0% and +0.2% so far. The S&P 500 futures contract (CFD) remains
slightly below its record highs, as it continues to fluctuate below the
resistance of 1,950-1,955. The nearest important level of support is at around
1,940, marked by recent local lows. For now, it looks like a consolidation
following recent advance, as the 15-minute chart shows:
The
technology Nasdaq 100 futures contract (CFD) is close to its long-term high, as
it extends fluctuations along the level of 3,800. The support level is at
around 3,780. There have been no confirmed negative signals so far:
Concluding,
the broad stock market is in a rather flat correction following recent rally.
We expect some more upside. Therefore, we continue to maintain our already
profitable long position, with stop-loss at 1,910 (S&P 500 index).
Thank you.
Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts
