stock price trading

Stock Trading Alert: Stocks extend consolidation

November 26, 2013, 11:05 AM

The U.S. stock market indexes currently gain between 0.1% and 0.2%, as investors continue to hesitate, following some mixed economic data announcements. The S&P 500 index is up 0.1%, slightly above the level of 1,800. The S&P 500 futures contract (CFD) trades in a relatively narrow range. The nearest resistance is at 1,805-1,810, and the support is at 1,800. The next support is at around 1,790-1,795, marked by the recent consolidation, as we can see on the 15-minute chart:

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

Our intraday outlook remains bearish, and our short-term outlook is bearish:

Intraday (next 24 hours) outlook: bearish
Short-term (next 1-2 weeks) outlook: bearish
Medium-term (next 1-3 months) outlook: neutral
Long-term outlook (next year): bullish

Thank you,
Paul Rejczak

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