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Stocks Continue Long-Term Uptrend as Investors Await Economic Data Reports

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Expectations before the opening of today's session are slightly positive.

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The US stock market indices gained 0.2-0.3% on Wednesday, April 2, slightly extending their recent move up, as investors await Friday's unemployment data release. The S&P 500 Index (INDEXSP:.INX) has reached a new all-time high at 1,893.17. The nearest important resistance is at the psychological level of 1,900. On the other hand, the support is at around 1,880, and the next support is at 1,840-1,850. The market broke out above month-long consolidation, which is a positive signal, as we can see on the daily chart:
 

 
Expectations before the opening of today's session are slightly positive, with index futures currently up 0.1-0.2%. The main European stock market indices have been virtually flat so far. Investors will now wait for some economic data announcements: Challenger Job Cuts report at 7:30 a.m., Initial Claims and Trade Balance at 8:30 a.m., and the ISM Services number at 10:00 a.m. The S&P 500 futures contract (CFD) trades in a short-term uptrend, above its recent consolidation. The nearest support is at 1,875, with potential resistance at 1,890-1,900:
 

 
The technology Nasdaq-100 (INDEXNASDAQ:NDX) futures contract (CFD) remains relatively weak, retracing some of its March move down. The resistance is at around 3,680-3,700, and the support is at 3,630, among others, as the 15-minute chart shows:
 


My firm's intraday outlook is neutral, and our short-term outlook is now bullish, following a breakout above month-long consolidation:
 
Intraday (next 24 hours) outlook: neutral
Short-term (next 1-2 weeks) outlook: bullish
Medium-term (next 1-3 months) outlook: neutral
Long-term outlook (next year): bullish

For the full version of this essay and more, visit Sunshine Profits' website.

Paul Rejczak is a stock market strategist who has been known for the quality of his technical and fundamental analysis since the late 1990s. He is interested in forecasting market behavior based on both traditional and innovative methods of technical analysis. Paul has made his name by developing mechanical trading systems. He is the author of Sunshine Profits' premium service for stock traders: Stock Trading Alerts.
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