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Stocks Retraced Thursday's Decline - New Rally or More Sideways Action?

Stock-Markets / Stock Markets 2015 Dec 07, 2015 - 12:48 PM GMT

By: Paul_Rejczak

Stock-Markets

Briefly: In our opinion, speculative short positions are favored (with stop-loss at 2,140 and profit target at 1,990, S&P 500 index)

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


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

The U.S. stock market indexes gained 2.1-2.4% on Friday, as investors reacted to better-than-expected Monthly Jobs Data release. The S&P 500 index has retraced its Thursday's sell-off. The nearest important resistance level is at around 2,100, and the next level of resistance is at 2,130, marked by late May all-time high. On the other hand, support level is at 2,070, and the next important level of support is at 2,020-2,050. For now, it looks like a consolidation following October rally:

Expectations before the opening of today's trading session are virtually flat, with index futures currently up 0.1%. The main European stock market indexes have gained 0.5-2.0% so far. The S&P 500 futures contract (CFD) trades within an intraday uptrend, as it extends its Friday's advance. The nearest important level of resistance is at 2,100, and support level is at 2,080, among others, as the 15-minute chart shows:

The technology Nasdaq 100 futures contract (CFD) follows a similar path, as it currently trades close to record highs. The nearest important level of resistance is at 4,730-4,750, and support level remains at 4,700, as the 15-minute chart shows:

Concluding, the broad stock market retraced its Thursday's move down on Friday, as it extended short-term fluctuations. We continue to maintain our speculative short position (2,088.35, S&P 500 index). Stop-loss is at 2,140 and potential profit target is at 1,990 (S&P 500 index). You can trade S&P 500 index using futures contracts (S&P 500 futures contract - SP, E-mini S&P 500 futures contract - ES) or an ETF like the SPDR S&P 500 ETF - SPY. It is always important to set some exit price level in case some events cause the price to move in the unlikely direction. Having safety measures in place helps limit potential losses while letting the gains grow.

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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