Stock Trading Alert: Stocks Continue To Fluctuate As Investors React To Mixed News
Our intraday outlook is neutral, and our short-term outlook is neutral:
Intraday (next 24 hours) outlook: neutral
Short-term (next 1-2 weeks) outlook: neutral
Medium-term (next 1-3 months) outlook: neutral
Long-term outlook (next year): bullish
The U.S. stock market indexes lost between 0.2% and 1.1% on Friday, as investors took profits following higher open. However, the S&P 500 index has managed to reach yet another new all-time high at 1,883.97, slightly exceeding its march 7 high of 1,883.57. The resistance remains at around 1,880-1,900. On the other hand, the support is at 1,840-1,850, marked by some of the previous local lows. The market remains in a few-week long consolidation, following February rally, as we can see on the daily chart:
Expectations before the opening of today’s session are slightly positive, with index futures currently up 0.1-0.2%. The main European stock market indexes have lost 0.5-0.7% so far. The S&P 500 futures contract (CFD) extends its consolidation, moving along the level of 1,850. The resistance is at around 1,870-1,875, and the support remains at 1,830-1,840. There is no clear short-term direction, as the 15-minute chart shows:
The technology Nasdaq 100 futures contract (CFD) continues to fluctuate, remaining relatively slightly weaker, as it trades below the level of 3,650. The support is at 3,600-3,610, and the resistance is at the psychological 3,700, among others:
Stock Trading Strategist
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Paul Rejczak is a stock market strategist, who has been known for quality of his technical and fundamental analysis since the late nineties. He is interested in forecasting market behavior based on both traditional and innovative methods of technical analysis. Paul has made his name by developing mechanical trading systems. Paul is the author of Sunshine Profits’ premium service for stock traders: Stock Trading Alerts.