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11 May 2015
US indices: Outlook for S&P 500 remains bearish – Sunshine Profits
FXStreet (Barcelona) - Paul Rejczak, Stock market strategist at Sunshine Profits, maintains a bearish intraday and short-term outlook on S&P 500 and further notes that expectations for today’s open for US indices remains flat.
Key Quotes
“In our opinion, speculative short positions are favored (with stop-loss at 2,140, and profit target at 1,980, S&P 500 index). Our intraday outlook is bearish, and our short-term outlook is bearish.”
“The U.S. stock market indexes gained 1.3-1.5% on Friday, retracing their recent decline, as investors reacted to better-than-expected monthly jobs report release. The S&P 500 index got closer to its April 27 all-time high of 2,125.92. The nearest important resistance level is at around 2,120-2,125, and level of support is at 2,100, among others. 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 virtually flat, with index futures currently down 0.1%. The main European stock market indexes have been mixed between -1.3% and +0.3%. The S&P 500 futures contract (CFD) trades within an intraday consolidation, as it fluctuates following Friday's rally. The nearest important level of support is at 2,100, and resistance level is at 2,110, among others…”
Key Quotes
“In our opinion, speculative short positions are favored (with stop-loss at 2,140, and profit target at 1,980, S&P 500 index). Our intraday outlook is bearish, and our short-term outlook is bearish.”
“The U.S. stock market indexes gained 1.3-1.5% on Friday, retracing their recent decline, as investors reacted to better-than-expected monthly jobs report release. The S&P 500 index got closer to its April 27 all-time high of 2,125.92. The nearest important resistance level is at around 2,120-2,125, and level of support is at 2,100, among others. 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 virtually flat, with index futures currently down 0.1%. The main European stock market indexes have been mixed between -1.3% and +0.3%. The S&P 500 futures contract (CFD) trades within an intraday consolidation, as it fluctuates following Friday's rally. The nearest important level of support is at 2,100, and resistance level is at 2,110, among others…”