Stock Market Indices At New Record Highs - Will Uptrend Continue?

By: Paul_Rejczak

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 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

Stock market strategist, who has been known for 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. Paul is the author of Sunshine Profits’ premium service for stock traders: Stock Trading Alerts.

* * * * *

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.

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.