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

Stocks At Record Highs: Market Sentiment Still Bullish

IMG Auteur
Published : June 26th, 2017
663 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 0.0% and +0.5% on Friday, as investors continued to hesitate following economic data, quarterly earnings releases. The S&P 500 index remains relatively close to its last Monday's new all-time high of 2,453.82. It has reached new record high after a breakout above short-term consolidation along the level of 2,420-2,440. Stocks have rebounded strongly following their mid-May quick two-session sell-off and continued over eight-year-long bull market off 2009 lows. The Dow Jones Industrial Average remains close to its last Tuesday's new all-time high at the level of 21,535.03. The technology Nasdaq Composite was relatively stronger than the broad stock market on Friday, as it continued to retrace its recent move down. The nearest important support level of the S&P 500 index is at around 2,430-2,435, marked by last Monday's daily gap up of 2,433.15-2,441.79. The next level of support is at 2,415-2,420, marked by some recent local lows. The support level is also at 2,400-2,410, marked by the May 25 daily gap up of 2,405.58-2,408.01, among others. On the other hand, level of resistance is at 2,450-2,455, marked by new all-time high. There have been no confirmed negative signals so far. However, we can see overbought conditions and negative technical divergences. The S&P 500 index is trading within its three-week-long consolidation, as we can see on the daily chart:

24hGold - Stocks At Record Hig...

Will Uptrend Continue?

Expectations before the opening of today's trading session are positive, with index futures currently up 0.3% vs. their Friday's closing prices. The European stock market indexes have gained 0.7-1.0% so far. Investors will now wait for the Durable Orders number release at 8:30 a.m. The market expects that it fell 0.6% in May. The S&P 500 futures contract trades within an intraday uptrend, as it breaks above its last week's consolidation along the level of 2,430. The nearest important level of support is at 2,425-2,430, marked by last Monday's gap-up opening, among others. The next support level is at around 2,415-2,420, marked by recent local lows. The nearest important level of resistance is at around 2,445-2,450, marked by record high, among others. The market extends its short-term consolidation, as it continues to trade along all-time high. Is this a topping pattern before downward reversal or just flat correction within an uptrend? There have been no confirmed negative signals so far.

24hGold - Stocks At Record Hig...

Positive Expectations

The technology Nasdaq 100 futures contract follows a similar path, as it currently trades within an intraday uptrend. It retraces some more of June 9 sell-off. The nearest important level of resistance is at 5,840-5,850, marked by previous short-term local lows. The next resistance level is at around 5,900, marked by record high. On the other hand, support level is at around 5,800-5,810, marked by previous level of resistance. The next support level is at 5,770, among others, as the 15-minute chart shows:

24hGold - Stocks At Record Hig...

Concluding, the S&P 500 index continued to trade relatively close to record high on Friday. Will over eight-year-long bull market continue? Or is this some medium-term topping pattern accompanied by very bullish investors' sentiment? 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
Meow
21 JulDoom1
>>For all his blunders and stumbles...<< To be fair, all presidents blunder and stumble like this. This is just the first in a long while ...
The Gold Industry is in a Deep State of Dysfunction, Delusion and D...
21 Julkevthorne
Just hold on to it - you will win. A cautionary tale: I wish, back in the early 90's, when I took out a pension - it was "cast iron, copper...
The Gold Industry is in a Deep State of Dysfunction, Delusion and D...
20 JulDRGEORGE
Yep, hard to argue with any of that. But this poor, disillusioned, confused, swindled, isolated, powerless, 'smart'(HUH) precious metal owner has n...
This Feels Like the Action in 2008 Right Before the Collapse - Dave...
18 JulThe Recusant
Will we witness a battle-royale between the CBs and traders shortly?
Guess What Happens In States Where Food Stamp Recipients Have To Work
18 JulThe Recusant1
As a left-leaning independent, community service seems like a great idea as a prerequisite for food stamps for single childless recipients. But, as...
Watch: Trump Was Hammering CNN In 1990 For Fake News: “When People ...
18 JulThe Recusant
Yes, there is sensationalism in today's news media. On a sliding scale, however, the news media is far more honest than ANYTHING the Trump administ...
Guess What Happens In States Where Food Stamp Recipients Have To Work
18 Julkevthorne2
Then, how about making the banksters do some real, productive work in return for the taxpayer funded bailouts they received - like rebuilding worn-...
Holy Hell
17 Julaccording
good one. where have you been hiding?
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS