stock price trading

Stock Trading Alert: Stocks continue long-term uptrend

April 3, 2014, 6:54 AM

Our intraday outlook is neutral, and our short-term outlook is now bullish, following breakout above month-long consolidation:

Intraday (next 24 hours) outlook: neutral
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 0.2-0.3% on Wednesday, slightly extending their recent move up, as investors awaited Friday’s unemployment data release. The S&P 500 index has reached a new all-time high at 1,893.17. The nearest important resistance is at the psychological level of 1,900. On the other hand, the support is at around 1,880, and the next support is at 1,840-1,850. The market broke out above month-long consolidation, which is a positive signal, as we can see on the daily chart:

Daily S&P 500 index chart - SPX, Large Cap Index

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 been virtually flat so far. Investors will now wait for some economic data announcements: Challenger Job Cuts report at 7:30 a.m., Initial Claims, Trade Balance at 8:30 a.m., ISM Services number at 10:00 a.m. The S&P 500 futures contract (CFD) trades in a short-term uptrend, above its recent consolidation. The nearest support is at 1,875, with potential resistance at 1,890-1,900:

S&P500 futures contract - S&P 500 index chart - SPX

The technology Nasdaq 100 futures contract (CFD) remains relatively weaker, retracing some of its March move down. The resistance is at around 3,680-3,700, and the support is at 3,630, among others, as the 15-minute chart shows:

Nasdaq100 futures contract - Nasdaq 100 index chart - NDX

Thank you.

Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts

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