Let’s start today’s Stock Trading Alert with an important administrative announcement.
As you may know, we have recently launched a survey (thank you for participating) in which we asked about the amount of trading alerts per day that you require. The answer that (decisively) won, was 1 alert per day + extra alerts whenever the situation changes and an additional alert is necessary. Additional alerts didn't seem to change much from your point of view.
Consequently, starting next week, we will change the way we provide you with our Stock Trading Alerts. Instead of 3 smaller trading alerts (1 posted before the market open and 2 posted during the session), we will be posting 1 slightly bigger trading alert (before the opening bell) along with a promise to keep you updated via another trading alert, should anything change in our outlook.
In this way, you will be better prepared before the markets open, and at the same time you will remain up-to-date virtually at all times.
The main U.S. stock market indexes lost between 0.8% and 0.9% yesterday as investors took profits following recent advance. The S&P 500 index closed its daily gap up at 1,829.75-1,834.96, however, remained near the support of 1,830. The next important support is at around 1,810, marked by the November-December consolidation. For now, it looks like a correction within an uptrend, as we can see on the daily chart:
Expectations before the opening of today’s session are virtually flat, with index futures up 0.1%. The European stock market indexes have gained between 0.1% and 0.5%. The S&P 500 futures contract (CFD) is in a consolidation following short-term move down. The nearest support is at around 1,820, and the resistance is at 1,830-1,835, marked by the previous support:
Our intraday outlook is now bullish, and our short-term outlook is neutral:
Intraday (next 24 hours) outlook: bullish
Short-term (next 1-2 weeks) outlook: neutral
Medium-term (next 1-3 months) outlook: neutral
Long-term outlook (next year): bullish
Thank you,
Paul Rejczak
