Will Stocks Continue Their Rally?
Paul Rejczak 13.12.2021 15:37
The S&P 500 index got back above the 4,700 level on Friday after gaining almost 1%. The only way is up now?
For in-depth technical analysis of various stocks and a recap of today's Stock Trading Alert we encourage you to watch today's video.
Nasdaq 100 Remains Close to the 16,400 Level
Let’s take a look at the Nasdaq 100 chart. The technology index got back to the 16,400 level last week. It is the nearest important resistance level, marked by some previous local highs. Tech stocks remain relatively weaker, as the Nasdaq 100 is still well below the Nov. 22 record high of 16,764.85.
The S&P 500 index will likely slightly extend its last week’s advances this morning. However we may see a short-term profit-taking action at some point. There have been no confirmed short-term negative signals so far, and we may see an attempt at getting back to the late November record high.
Here’s the breakdown:
The S&P 500 is expected to open slightly higher this morning but we may see a consolidation above the 4,700 level.
Our short-position is very close a stop-loss level, and we’ll close it if it breaks above it again.
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Paul Rejczak,Stock Trading StrategistSunshine Profits: Effective Investments through Diligence and Care
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