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Premium daily stock trading service. In our Stock Trading Alerts, we provide extensive analyses and comments at least 1 time per trading day, usually before the opening bell. The analyses focus on all the key factors essential to determining the medium- and short-term outlook for the S&P 500 futures, spanning over several time frames, credit markets and S&P 500 sectors and ratios. They also capture the key fundamental developments, events and trends in assessing the prospects and health of the S&P 500 moves. This way, you’re kept up-to-date on important developments that far too many investors are apt to miss or underestimate.

Whether you're looking for objective analyses to broaden your horizon / add confidence to trading decisions, or want to get inspired by our trade calls for S&P 500 futures, Stock Trading Alerts are the way to go.

Will Stocks Break Out of Consolidation Ahead of Next Week’s Fed?
June 8, 2022, 9:13 AM
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Stocks – More Short-Term Fluctuations Following Recent Advances
June 7, 2022, 8:59 AM
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S&P 500 Extends its Short-Term Consolidation
June 6, 2022, 9:07 AM
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Stocks – More Short-Term Uncertainty Following Jobs Data
June 3, 2022, 8:57 AM
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S&P 500 – Just Pausing Before Another Leg Up?
June 2, 2022, 9:13 AM
Stock prices fluctuate following their last week’s rally. Is this just a pause before another leg up or a short-term topping pattern?

The S&P 500 index lost 0.75% on Wednesday, as it retraced its Friday’s advance after bouncing from the local high of around 4,150. On Tuesday the broad stock market went sideways following long holiday weekend, as investors took short-term profits off the table. On May 20 it went to the medium-term low of 3,810.32 and it was 1,008.3 points or 20.9% below the Jan. 4 record high of 4,818.62. So technically, the broad stock market entered a bear market territory. There’s still a lot of uncertainty and worries about inflation data, tightening Fed’s monetary policy and the Russia-Ukraine conflict. Today, the S&P 500 is expected to open 0.4% higher, so we may see more short-term fluctuations.

The nearest important resistance level is now at around 4,150-4,200, marked by the previous consolidation and the recent local highs. On the other hand, the support level is at around 4,050-4,100. The S&P 500 index broke above its downward trend line recently, as we can see on the daily chart (chart by courtesy of http://stockcharts.com):

Futures Contract – Just a Downward Correction?

Let’s take a look at the hourly chart of the S&P 500 futures contract. It reached the 4,200 level on Monday, before retracing more than 100 points from the short-term local high. For now, it looks like a correction within an uptrend. (chart by courtesy of http://tradingview.com):

Conclusion

We will likely see a higher opening of the S&P 500 index this morning. The broad stock market may extend its short-term consolidation. For now, it looks like a flat correction following last week’s rally. Investors will be waiting for tomorrow’s monthly jobs data release and June 15 FOMC’s interest rate decision. This morning we’ve seen worse than expected ADP Non-Farm Employment Change release.

Here’s the breakdown:
- The S&P 500 index will likely extend its short-term consolidation this morning
- The resistance level remains at around 4,150.
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Paul Rejczak,
Stock Trading Strategist
Sunshine Profits: Effective Investments through Diligence and Care
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