stock price trading

Stock Trading Alert: Indexes reach new highs

October 22, 2013, 10:26 AM

The U.S. stock market indexes currently gain between 0.6% and 0.7%, as investors react to better-than-expected unemployment rate data announcement. The S&P 500 index is up 0.7%. The nearest support is at around 1,750, marked by the previous resistance. The S&P 500 futures contract (CFD) broke above its recent consolidation. There are no negative signals, however, in the short-term the market is overbought and some kind of a correction cannot be excluded, as we can see on the 15-minute chart:

S&P500 futures contract - S&P 500 index chart - SPX

Our intraday outlook is now neutral, and our short-term outlook remains neutral for now, as there may be some profit-taking pressure following recent rally:

Intraday outlook: neutral
Short-term outlook: neutral
Medium-term outlook: neutral
Long-term outlook: bullish

Thank you,
Paul Rejczak

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