Stocks To Advance After Neutral Inflation Data?

Stocks To Advance After Neutral Inflation Data?


Stocks retraced some of their recent rally yesterday – was it just a quick downward correction before another leg up?

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.

The nearest important resistance level remains at 4,700-4,750, marked by the record high, among others. On the other hand, the support level is at around 4,610-4,630, marked by Tuesday’s daily gap up of 4,612.60-4,631.97. The S&P 500 is at its previous consolidation, as we can see on the daily chart (chart by courtesy of

Stocks To Advance After Neutral Inflation Data? - 1

Nasdaq 100 Bounced From the 16,400 Level

Let’s take a look at the Nasdaq 100 chart. The technology index got back to the 16,400 level on Wednesday and yesterday it retraced some of its recent advance, just like the broad stock market. However, tech stocks are relatively weaker, as the Nasdaq 100 is still well below the Nov. 22 record high of 16,764.85.

Stocks To Advance After Neutral Inflation Data? - 2


The S&P 500 index will likely retrace its yesterday’s decline this morning. So the broad stock market may extend a short-term consolidation following the recent rally. There have been no confirmed short-term negative signals so far and we may see an attempt at breaking above the 4,700 level following neutral CPI data release.

Here’s the breakdown:

  • The S&P 500 is expected to open higher this morning and we may see a consolidation along the 4,700 level.
  • We are still maintaining our short position from the 4,678 level.

Like what you’ve read? Subscribe for our daily newsletter today, and you'll get 7 days of FREE access to our premium daily Stock Trading Alerts as well as our other Alerts. Sign up for the free newsletter today!

Thank you.

Paul Rejczak,
Stock Trading Strategist
Sunshine Profits: Effective Investments through Diligence and Care

* * * * *

The information above represents analyses and opinions of Paul Rejczak & Sunshine Profits' associates only. As such, it may prove wrong and be subject to change without notice. At the time of writing, we base our opinions and analyses on facts and data sourced from respective essays and their authors. Although formed on top of careful research and reputably accurate sources, Paul Rejczak and his associates cannot guarantee the reported data's accuracy and thoroughness. The opinions published above neither recommend nor offer any securities transaction. Mr. Rejczak is not a Registered Securities Advisor. By reading his reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits' employees, affiliates as well as their family members may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.