Briefly: In our opinion speculative long positions are still favored (with stop-loss at 1,885, S&P 500 index).
Our intraday outlook is still bullish, and our short-term outlook is now bullish, following a breakout above consolidation:
Intraday
(next 24 hours) outlook: bullish
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 between 0.4% and 1.2%, extending their recent move up, as investors’ sentiment improved following some better-than-expected economic data announcements. The S&P 500 index has reached the new all-time high of 1,912.28, breaking above its medium-term consolidation, which is a positive signal. The nearest important level of support is at around 1,880-1,900, marked by previous resistance. There have been no confirmed negative signals so far:
Expectations before the opening of today’s session are slightly positive, with index futures currently up 0.2%. The main European stock market indexes have gained 0.1% so far. The S&P 500 futures contract (CFD) remains in a an intraday uptrend, as it extends its recent move up. The nearest important support level is at 1,900, marked by previous resistance. On the other hand, potential resistance is at around 1,910-1,915. There have been no negative signals so far, as we can see on the 15-minute chart:
The technology Nasdaq 100 futures contract (CFD) follows a similar path, breaking above the psychological level of 3,700. The nearest important support is at 3,680-3,700, and a potential level of resistance is at 3,730-3.740, marked by early March highs:
Concluding, there have been no confirmed sell signals so far. The broad stock market extends its long-term uptrend, as the S&P 500 index breaks above the level of 1,900. We continue to maintain our already profitable long position, however, we decided to move our stop-loss a bit higher - to the level of 1,885 (S&P 500 index), marked by last Thursday’s daily low.
Thank you.
Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts
