Stock Trading Alert: Stocks Continue Long-Term Uptrend

Our intraday outlook is neutral, and our short-term outlook is now bullish, following breakout above month-long consolidation:

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 0.2-0.3% on Wednesday, slightly extending their recent move up, as investors awaited Friday’s unemployment data release. The S&P 500 index has reached a new all-time high at 1,893.17. The nearest important resistance is at the psychological level of 1,900. On the other hand, the support is at around 1,880, and the next support is at 1,840-1,850. The market broke out above month-long consolidation, which is a positive signal, as we can see on the daily chart:

Expectations before the opening of today’s session are slightly positive, with index futures currently up 0.1-0.2%. The main European stock market indexes have been virtually flat so far. Investors will now wait for some economic data announcements: Challenger Job Cuts report at 7:30 a.m., Initial Claims, Trade Balance at 8:30 a.m., ISM Services number at 10:00 a.m. The S&P 500 futures contract (CFD) trades in a short-term uptrend, above its recent consolidation. The nearest support is at 1,875, with potential resistance at 1,890-1,900:

The technology Nasdaq 100 futures contract (CFD) remains relatively weaker, retracing some of its March move down. The resistance is at around 3,680-3,700, and the support is at 3,630, among others, as the 15-minute chart shows:

Thank you.
 

Paul Rejczak
Stock Trading Strategist

Stock Trading Alerts

SunshineProfits.com

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.