first majestic silver

Stock Trading Alert: Stocks Consolidate Following Recent Selloff

Stock Market Strategist & Author
February 5, 2014

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

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

The U.S. stock market indexes gained between 0.5% and 0.9% yesterday, bouncing off recent lows, as investors hoped for a short-term downtrend reversal. The S&P 500 index traded within the lower half of Monday’s trading range, below the resistance off 1,770-1,775, marked by previous support. On the other hand, there is a possible support at around 1,730, marked by last September’s local high of 1,729.86. For now, it looks like a rather flat correction following recent sharp decline, as we can see on the daily chart:

Expectations before the opening of today’s session are negative, with index futures currently down 0.2-0.3%. The main European stock market indexes have been mixed so far. Investors will now wait for some economic data announcements: ADP Employment Change report at 8:15 a.m., ISM Services number at 10:00 a.m. The S&P 500 futures contract (CFD) remains in a relatively narrow trading range, extending consolidation following Monday’s selloff. The support is at around 1,735-1,740, and the resistance is at 1,750:

The technology Nasdaq 100 futures contract (CFD) bounced off Monday’s low, however, there is no clear trend, just a consolidation following recent move down. The resistance is at around 3,470, and the support is at 3,425-3,430, 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.

Paul Rejczak is a stock market strategist who has been known for the quality of his technical and fundamental analysis since the late nineties. He is interested in forecasting market behavior based on both traditional and innovative methods of technical analysis. Paul has made his name by developing mechanical trading systems, and is the author of the Gold Price News at GoldPriceForecast.com, the Silver Price News at SilverPriceForecast.com, and Stock Trading Alerts at StockPriceForecast.com.


The naturally occurring gold-silver alloy is called electrum.
Top 5 Best Gold IRA Companies

Gold Eagle twitter                Like Gold Eagle on Facebook