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21 May 2015
Outlook for S&P 500 remains bearish – Sunshine Profits
FXStreet (Barcelona) - Paul Rejczak, Stock market strategist at Sunshine Profits, favours remaining short on S&P 500 index, targeting a move lower towards 1,980.
Key Quotes
“The U.S. stock market indexes were virtually flat on Wednesday, as investors hesitated following recent move up. The S&P 500 index has managed to reach yet another new all-time high at the level of 2,134.72, before closing down 0.1%. The nearest important level of resistance is at around 2,130-2,135. On the other hand, support level is at 2,115-2,120, marked by previous resistance level. There have been no confirmed negative signals so far. However, we can see negative technical divergences”
“Expectations before the opening of today's trading session are slightly negative, with index futures currently down 0.1-0.3%.”
“The S&P 500 futures contract (CFD) trades within an intraday consolidation, following yesterday's move down. The nearest important level of support is at around 2,110-2,115, marked by recent local lows. On the other hand, resistance level remains at 2,125-2,130”
“The technology Nasdaq 100 futures contract (CFD) follows a similar path, as it fluctuates along the level of 4,490. The nearest important level of support is at around 4,480, and resistance level is at 4,500-4,520, among others.”
Key Quotes
“The U.S. stock market indexes were virtually flat on Wednesday, as investors hesitated following recent move up. The S&P 500 index has managed to reach yet another new all-time high at the level of 2,134.72, before closing down 0.1%. The nearest important level of resistance is at around 2,130-2,135. On the other hand, support level is at 2,115-2,120, marked by previous resistance level. There have been no confirmed negative signals so far. However, we can see negative technical divergences”
“Expectations before the opening of today's trading session are slightly negative, with index futures currently down 0.1-0.3%.”
“The S&P 500 futures contract (CFD) trades within an intraday consolidation, following yesterday's move down. The nearest important level of support is at around 2,110-2,115, marked by recent local lows. On the other hand, resistance level remains at 2,125-2,130”
“The technology Nasdaq 100 futures contract (CFD) follows a similar path, as it fluctuates along the level of 4,490. The nearest important level of support is at around 4,480, and resistance level is at 4,500-4,520, among others.”