Trading position (short-term, our opinion; S&P 500 futures contract): In my opinion, the short-term outlook is bullish and long positions are still justified from the risk/reward point of view (since Feb. 27).
Today’s Stock Trading Alert will be shorter than usual, we apologize for inconvenience.
The S&P 500 index gained 0.88% on Thursday as it retraced some of its recent declines after the Wednesday’s after-hours’ NVDA quarterly earnings release. Earlier in the week the broad stock market index went back to the previous trading range. Stock prices were going down amid short-term profit-taking action caused by the debt ceiling deal fears, among other factors. Last Friday the S&P 500 was the highest since last year’s August as it reached the new local high of 4,212.91.
Stocks are expected to open 0.1% higher this morning so they may fluctuate following their yesterday’s rebound. The S&P 500 retraced all of its recent rally on Wednesday as we can see on the daily chart:
Conclusion
The S&P 500 will likely fluctuate along the 4,150 level this morning. The market may see more uncertainty amid the debt ceiling deal talks.
Here’s the breakdown:
- The S&P 500 extended its consolidation along the 4,150 level yesterday.
- Stock prices continue to fluctuate within their two-month-long consolidation.
- In my opinion, the short-term outlook is bullish and long positions are still justified from the risk/reward point of view.
As always, we’ll keep you, our subscribers, well-informed.
Trading position (short-term, our opinion; S&P 500 futures contract): In my opinion, the short-term outlook is bullish and long positions are still justified from the risk/reward point of view (since Feb. 27).
Thank you.
Paul Rejczak,
Stock Trading Strategist
Sunshine Profits: Effective Investments through Diligence and Care
