Stock Trading Alert: Stocks Rebounded Following Recent Sell-Off, But Will It Last?

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Published : October 21st, 2014
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FOLLOW : Lead Market Volatility
Category : Technical Analysis

Stock Trading Alert originally sent to subscribers on October 20, 2014, 6:42 AM.

Briefly: In our opinion, no speculative positions are justified at this moment.

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

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 1.3% and 1.6% on Friday, retracing some of their last week’s losses, as investors hunted bargains following relatively sharp downward correction. The S&P 500 index bounced off the support level of 1,800-1,820, marked by previous medium-term lows. On the other hand, the nearest important level of resistance is at 1,900-1,910, marked by previous support level, among others. For now, it looks like an upward correction within a short-term downtrend, as there have been no confirmed downtrend reversal signals so far:

24hGold - Stock Trading Alert:...

Expectations before the opening of today’s trading session are slightly positive, with index futures currently up 0.2-0.3%. The main European stock market indexes have lost 0.8-1.0% so far. The S&P 500 futures contract (CFD) is in a short-term consolidation, as it fluctuates following Friday’s move up. The nearest important resistance level is at around 1,890-1,900, marked by some previous levels of support, as we can see on the 15-minute chart:

24hGold - Stock Trading Alert:...

The technology Nasdaq 100 futures contract (CFD) trades along the level of 3,800, following a rebound off last week’s lows. The support level is at around 3,770-3,780, among others. For now, it looks like an upward correction within a short-term downtrend, as the 15-minute chart shows:

24hGold - Stock Trading Alert:...

Concluding, the broad stock market bounced off sharply, following recent move down. There are still some short-term oversold conditions which may lead to an upward correction or downtrend reversal. We prefer to be out of the market at this moment, as we expect more short-term volatility. We will let you know when we think it is safe to get back in the market.

Thank you.

Paul Rejczak
Stock Trading Strategist
Stock Trading Alerts

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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.
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