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14 May 2015
Expecting a downward correction in S&P 500 – Sunshine Profits
FXStreet (Barcelona) - Paul Rejczak, Stock market strategist at Sunshine Profits, favours a speculative short position on S&P 500, targeting 1,980.
Key Quotes
“Expectations before the opening of today's trading session are positive, with index futures currently up 0.4-0.6%.”
“The S&P 500 futures contract (CFD) trades within an intraday uptrend, as it retraces yesterday's move down. The nearest important level of resistance is at around 2,110-2,115, marked by local highs. On the other hand, support level remains at 2,090”
“The technology Nasdaq 100 futures contract (CFD) follows a similar path, as it retraces yesterday's decline. The nearest important level of resistance is at 4,450-4,460, and support level is at 4,400-4,420”
“The broad stock market extends its short-term fluctuations along the level of 2,100, as the S&P 500 index remains relatively close to late April all-time high. There have been no confirmed negative signals so far.”
“However, we continue to maintain our speculative short position (2,098.27, S&P 500 index), as we expect a downward correction or an uptrend reversal. Stop-loss is at 2,140, and potential profit target is at 1,980.”
Key Quotes
“Expectations before the opening of today's trading session are positive, with index futures currently up 0.4-0.6%.”
“The S&P 500 futures contract (CFD) trades within an intraday uptrend, as it retraces yesterday's move down. The nearest important level of resistance is at around 2,110-2,115, marked by local highs. On the other hand, support level remains at 2,090”
“The technology Nasdaq 100 futures contract (CFD) follows a similar path, as it retraces yesterday's decline. The nearest important level of resistance is at 4,450-4,460, and support level is at 4,400-4,420”
“The broad stock market extends its short-term fluctuations along the level of 2,100, as the S&P 500 index remains relatively close to late April all-time high. There have been no confirmed negative signals so far.”
“However, we continue to maintain our speculative short position (2,098.27, S&P 500 index), as we expect a downward correction or an uptrend reversal. Stop-loss is at 2,140, and potential profit target is at 1,980.”