stock price trading

Stock Trading Alert: Stocks fluctuate after Fed’s statement

October 30, 2013, 5:38 PM

The U.S. stock market indexes have closed down between 0.2% and 0.5% today, as investors reacted to FOMC statement. However, the S&P 500 index reached a new all-time high at 1,775.22. The resistance remains at around 1,770-1,775. The S&P 500 futures contract (CFD) broke below the recent upward trend line, which is a negative signal, as we can see on the 15-minute chart:

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

The Nasdaq 100 futures contract (CFD) bounced off the level of resistance at around 3,400. Actually, the market extends a week-long consolidation in a relatively narrow range, as the 15-minute chart shows:

Nasdaq100 futures contract - Nasdaq 100 index chart - NDX

Our intraday outlook remains bearish, and our short-term outlook is still neutral, as there may be some uncertainty following recent rally:
Intraday outlook: bearish
Short-term outlook: neutral
Medium-term outlook: neutral
Long-term outlook: bullish

Thank you,
Paul Rejczak

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