7 May 2015
US Indices expected to open negative, S&P outlook bearish – Sunshine Profits
FXStreet (Barcelona) - Paul Rejczak, Stock market strategist at Sunshine Profits, maintains a intraday and short-term bearish outlook on S&P 500, suggesting that shorts remain favoured with a target at 1,980.
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 lost 0.5-0.7% on Wednesday, extending their short-term downtrend, as investors reacted to economic data releases. Our yesterday's bearish intraday outlook has proved accurate. The S&P 500 index is close to support level of 2,070-2,080. On the other hand, level of resistance remains at around 2,100. There have been no confirmed negative signals so far, however, we still can see negative technical divergences”
“Expectations before the opening of today's trading session are negative, with index futures currently down 0.7-0.8%”.
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 lost 0.5-0.7% on Wednesday, extending their short-term downtrend, as investors reacted to economic data releases. Our yesterday's bearish intraday outlook has proved accurate. The S&P 500 index is close to support level of 2,070-2,080. On the other hand, level of resistance remains at around 2,100. There have been no confirmed negative signals so far, however, we still can see negative technical divergences”
“Expectations before the opening of today's trading session are negative, with index futures currently down 0.7-0.8%”.