Another New All-Time High – Will Uptrend Accelerate?

Briefly: In our opinion speculative long positions are still favored (with stop-loss at 1,910, S&P 500 index).

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

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 between 0.1% and 0.2% on Friday, extending their short-term advance, as investors remained optimistic following some recent economic data announcements. Our Friday’s bullish short-term outlook has proved to be right, as the S&P 500 index has reached new all-time high of 1,963.91. The nearest important level of support is at around 1,950-1,955, marked by previous local highs, among others. The next support is at 1,915-1,925, marked by the early June consolidation. On the other hand, a potential resistance is at the psychological level of 2,000. There have been no confirmed negative signals so far, as we can see on the daily chart:

Expectations before the opening of today’s session are virtually flat, with index futures currently mixed between -0.1% and 0.0%. The European stock market indexes have lost 0.3-0.5% so far, following some worse-than-expected economic data releases. Investors will now wait for the Existing Home Sales number announcement at 10:00 a.m. The S&P 500 futures contract (CFD) trades close to its all-time high, following some early morning retracement. The resistance level is at around 1,960. On the other hand, the nearest important support is at 1,945-1,950. For now, it looks like a relatively flat correction within an uptrend:

The technology Nasdaq 100 futures contract (CFD) is relatively weaker than the broad stock market, as it continues to fluctuate along the level of 3,800. The nearest important support level is at around 3,775-3,800, marked by recent local low, as the 15-minute chart shows:

Concluding, the broad stock market extended its long-term uptrend, as it reached a new record high on Friday. We continue to maintain our already profitable long position, expecting some more upside. The stop-loss (protect-gain in this case) remains at 1,910 – S&P 500 index.

Thank you.

Paul Rejczak

Stock Trading Strategist

Stock Trading Alerts

SunshineProfits.com

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