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Stocks Extend Short-Term Consolidation Following FOMC Statement Release

Stock-Markets / Stock Markets 2014 Mar 20, 2014 - 02:19 PM GMT

By: Paul_Rejczak

Stock-Markets

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 lost between 0.6% and 0.7% on Wednesday, as investors reacted to the FOMC statement release. The S&P 500 index moved away from its March 7 all-time high of 1,883.57, extending few week long consolidation. The resistance remains at around 1,880-1,900, and the nearest important support level is at 1,840-1,850, marked by the recent local low, among others. There is no clear short-term direction, as we can see on the daily chart:



Expectations before the opening of today’s session are negative, with index futures currently down 0.3%. The main European stock market indexes have lost 0.9-1.2% so far. Investors will now wait for some economic data releases: Initial Claims at 8:30 a.m., Existing Home Sales, Philadelphia Fed indicator and the Leading Indicators at 10:00 a.m. The S&P 500 futures contract (CFD) extends its consolidation along the level of 1,850, following a rebound from Monday’s low. The resistance is at 1,865-1,870, and the nearest support is at around 1,840, as the 15-minute chart shows:



The technology Nasdaq 100 futures contract (CFD) bounced off the psychological resistance at around 3,700, as it trades along the level of 3,660. For now, it looks like a rather flat correction within short-term downtrend:


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.

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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.


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