Stock Trading Alert originally sent to subscribers on April 18, 2016, 6:50 AM.
Briefly: In our opinion, speculative short positions are favored (with stop-loss at 2,100, and profit target at 1,950, S&P 500 index).
Our intraday outlook is bearish, and our short-term outlook is bearish. Our medium-term outlook remains bearish, as the S&P 500 index extends its lower highs, lower lows sequence:
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): neutral
The U.S. stock market indexes lost 0.1-0.3% on Friday, extending their short-term uncertainty as investors awaited quarterly corporate earnings, economic data releases. The S&P 500 index continues to trade close to its last year’s local highs. The nearest important level of resistance is at around 2,100-2,120. On the other hand, support level is at 2,030-2,040, marked by recent consolidation, and the next level of support is at 2,000-2,020, marked by previous level of resistance. The index continues to trade within a descending medium-term trading channel. There have been no confirmed short-term negative signals so far. However, we still can see overbought conditions:
….read more with much larger charts HERE