Indexes At New Record Highs – Will Uptrend Continue?

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 is 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 0.5% on Friday, extending their recent rally, as investors reacted to monthly unemployment data release. So, our short-term bullish outlook from May 28 (www.silver-phoenix500.com/article/broad-stock-market-new-highs-investors-take-some-profits-flat-correction-or-topping-pattern )  continues to be accurate. The S&P 500 index has reached a new all-time high at 1,949.44, which is very close to a potential resistance level of 1,950. The next resistance is at the psychological level of 2,000. On the other hand, the nearest important support level is at around 1,925-1,930, marked by the recent consolidation. The next support is at 1,915. 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 down 0.1%. The main European stock market indexes have been mixed so far. The S&P 500 futures contract (CFD) remains close to its recent highs, trading in a relatively narrow intraday range. The nearest important resistance is at around 1,950, and the support level is at 1,940, among others. For now, it looks just like another flat correction within an uptrend, as the 15-minute chart shows:

The technology Nasdaq 100 futures contract (CFD) follows a similar path, as it trades close to the level of resistance at 3,800. The nearest important level of support is at around 3,770-3,780, marked by some of the recent local lows:

Concluding, the broad stock market extends its long-term uptrend, as indexes continue to reach new all-time highs. We remain cautiously optimistic, expecting uptrend to continue while maintaining our already profitable long position. The stop-loss remains at 1,910 (S&P 500 index).

Thank you.

Paul Rejczak

Stock Trading Strategist

Stock Trading Alerts

SunshineProfits.com

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