stock price trading

Stock Trading Alert: Stocks gain as investors react to economic data

December 20, 2013, 9:49 AM

The U.S. stock market indexes currently gain between 0.3% and 0.4%, as investors react to better-than-expected Q3 GDP number announcement. The S&P 500 makes new all-time highs above its November 29 high of 1,813.55. On the other hand, the nearest support is at around 1,800. The S&P 500 futures contract trades near its recent highs, testing the resistance at around 1,810, as we can see on the 15-minute chart:

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

Our intraday outlook remains 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

Thank you,
Paul Rejczak

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