Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

Positive Expectations, But Will Uptrend Continue?

IMG Auteur
Published : June 19th, 2017
689 words - Reading time : 1 - 2 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : Opinions and Analysis

Our intraday outlook is bearish, and our short-term outlook is bearish. Our medium-term outlook remains neutral, following S&P 500 index breakout above last year's all-time high:

Intraday outlook (next 24 hours): bearish
Short-term outlook (next 1-2 weeks): bearish
Medium-term outlook (next 1-3 months): neutral
Long-term outlook (next year): neutral

The U.S. stock market indexes were mixed between -0.3% and +0.1% on Friday, as investors continued to hesitate following series of economic data announcements, including last Wednesday's Fed's Rate Decision. All the main stock market indexes have reached new all-time highs recently. The S&P 500 index trades just 0.5% below its new record high of 2,446.20. It has broken above week-long consolidation along 2,400 mark. Stocks have rebounded strongly after their mid-May quick two-session sell-off and continued over eight-year-long bull market off 2009 lows. The Dow Jones Industrial Average remained close to Wednesday's new record high of 21,391.97. The technology Nasdaq Composite was still relatively weaker than the broad stock market, as it lost 0.2%. It continued to fluctuate following its recent move down. The nearest important resistance level of the S&P 500 index remains at around 2,440-2,450, marked by new record high, among others. On the other hand, support level is at around 2,415-2,420, marked by previous resistance level. The next support level is at 2,400-2,410, marked by the May 25 daily gap up of 2,405.58-2,408.01, among others. The support level is also at 2,390-2,395, marked by some short-term local lows. Will the uptrend continue towards 2,500 mark? There have been no confirmed negative signals so far. However, we can see some overbought conditions and negative technical divergences. The S&P 500 index is currently trading within a two-week-long consolidation, as we can see on the daily chart:

24hGold - Positive Expectation...

Close To Record High

Expectations before the opening of today's trading session are positive following an overnight move up, with index futures currently up 0.3-0.6% vs. their Friday's closing prices. The European stock market indexes have gained 0.6-0.9% so far. There will be no new important economic data announcements today. The S&P 500 futures contract trades within an intraday uptrend, as it gets closer to its recent local highs, and the record high along the level of 2,445. The nearest important level of resistance is at 2,440-2,445. Potential resistance level is also at 2,450. On the other hand, level of support is at 2,430, marked by Friday's closing price. The next support level remains at 2,415-2,420, marked by recent local lows. The market trades within a short-term consolidation, as it is still above the early March local high. Is this a topping pattern before downward reversal? Or just relatively flat correction within an uptrend?

24hGold - Positive Expectation...

Nasdaq Is Relatively Stronger

The technology Nasdaq 100 futures contract follows a similar path. It is currently trading within an intraday uptrend. The market retraces its recent move down, as it gets back above the level of 5,700 again. The nearest important level of resistance is at around 5,750-5,800, marked by recent consolidation. On the other hand, support level is at around 5,680-5,700, marked by previous level of resistance. The next important level of support is at 5,640-5,650. For now, it looks like a consolidation following recent sell-off. Will the market continue its move down, or is this some bottoming pattern before upward reversal?

24hGold - Positive Expectation...

Concluding, the S&P 500 index extended its short-term consolidation on Friday, as it remained close to record high of 2,446.20. Will the eight-year-long bull market continue? Or is this a topping pattern before some more meaningful downward correction? There have been no confirmed negative signals so far. However, we still can see negative technical divergences, along with medium-term overbought conditions.

If you enjoyed the above analysis and would like to receive free follow-ups, we encourage you to sign up for our daily newsletter – it’s free and if you don’t like it, you can unsubscribe with just 2 clicks. If you sign up today, you’ll also get 7 days of free access to our premium daily Gold & Silver Trading Alerts. Sign up now.

Thank you.

Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts

Did you enjoy the article? Share it with the others!

Data and Statistics for these countries : Georgia | All
Gold and Silver Prices for these countries : Georgia | All
<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
Przemyslaw Radomski is the founder, owner and the main editor of www.SunshineProfits.com. Being passionately curious about the market’s behavior he uses his statistical and financial background to question the common views and profit on the misconceptions. “Don’t fight the emotionality on the market – take advantage of it!” is one of his favorite mottos. His time is divided mainly to analyzing various markets with emphasis on the precious metals, managing his own portfolio, writing commentaries, essays and developing financial software. Most of the time he’s got left is spent on reading everything he can about the markets, psychology, philosophy and statistics. Mr. Radomski has started investigating the markets for his private use well before starting his professional career. He used to work as an informatics consultant, but this time-consuming profession left him little time for his true passion – the interdisciplinary market analysis. Establishing www.SunshineProfits.com gave him the opportunity to put his thoughts, ideas, and experience into form available to other investors.
WebsiteSubscribe to his services
Comment this article
>Follow all commentairies
You must be logged in to comment an article8000 characters max.
Log in or Sign up
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Leaked Police Report: There Are 23 Muslim-Controlled “No Go Zones” ...
25 Junkevthorne1
I do not know how anyone could take an article like this seriously. It is garbage of the worst kind. 'Anonymous sources' 'unidentified leaks' - not...
Bitcoin in Perspective: Bill Gates Worth More, Gold 200 Times More
22 JunDavid C.2
Yes Mish, but bitcoin and the wealth and debt burdens of the world are fully backed by electrons which are very light. Unlike that 68 ft glob of m...
Bitcoin in Perspective: Bill Gates Worth More, Gold 200 Times More
23 JunDynoman0
Valuable potential is what's currently offered by digital currencies. It makes absolute sense to have a global digital economy based upon borderles...
Absent Without Leave
21 JunS W.
Bail ins for sure. It was agreed at the G20 in Brisbane. You are not really a share holder. You are an unsecured creditor to the bank a...
Absent Without Leave
19 JunJ.3
Perhaps all the international shenanigans are the smoke and mirrors intended to obfuscate the view of the looming financial catastrophe. When the ...
Gold Price Cuts Post-UK Election Loss, ETF Investors Sell, Nasdaq D...
16 JunSam Maher
"the SPDR Gold Trust (NYSEArca:GLD) – saw its sharpest liquidation since March in the week-ending Thursday, with shareholders cutting the fund's si...
Things To Come
13 Junkevthorne3
If voting for 'parties' actually made a difference they would have not legalised it. Since 1914, it's been the supply of currency that has governed...
Things To Come
12 Jun Roygbiv0
And JHK ruined your life because he then voted for Obamba ? For Jim C.
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS