Stock Market-S&P Poised to Test 52 Week Highs
The following is your weekly stock market outlook for March 8-12. We will
look at the S&P 500.
In last weeks analysis 1104 was the pivot point. Holding above that was
important in painting a picture in which the market could go higher. At no
point this past week was that point tested, and the result was a reaching
(and exceeding) of the 1130 profit target.
The current upward trend which began back on Feb 5 is quite steep and a
pullback is likely, yet with the relative close proximity to 52 week highs
1150 will likely be tested by the market.
Support now comes in at 1126-1124 followed by 1116-1112. 1105-1104 still has
some relevance, but no longer a major level. A drop below it though
indicates weakness and a likely probe below 1100. Support comes in further
down at 1086 - but this is outside the average range for the market.
Average weekly range about 32 points. The S&P closed out the week at 1138.70
and saw buying right into the close.
Little resistance hangs overhead, and a test of 1147-1151 is likely. A move
above this band indicates another wave higher and with clear skies minor
resistance comes in at 1166 and 1180. Multiple profit target approaches set
out a target between 1180-1184 for the break. This would be well beyond the
average weekly range, so the 1166 target can be used for this week if we do
see the market above 1150.
Have a profitable week!
Cory Mitchell, CMT
Vantage Point Trading
---
Analysis written by Cory Mitchell for CFDsPros.com
---
Risk Disclosure:
Trading on margin involves high risk and is not suitable
for all investors. The high degree of leverage can work against you as well
as for you before deciding to trade you should carefully consider your
investment objectives, level of experience, and risk appetite.
__________________
For information on stocks and real time stock quotes see CFDsPros.com.
The following is your weekly stock market outlook for March 8-12. We will
look at the S&P 500.
In last weeks analysis 1104 was the pivot point. Holding above that was
important in painting a picture in which the market could go higher. At no
point this past week was that point tested, and the result was a reaching
(and exceeding) of the 1130 profit target.
The current upward trend which began back on Feb 5 is quite steep and a
pullback is likely, yet with the relative close proximity to 52 week highs
1150 will likely be tested by the market.
Support now comes in at 1126-1124 followed by 1116-1112. 1105-1104 still has
some relevance, but no longer a major level. A drop below it though
indicates weakness and a likely probe below 1100. Support comes in further
down at 1086 - but this is outside the average range for the market.
Average weekly range about 32 points. The S&P closed out the week at 1138.70
and saw buying right into the close.
Little resistance hangs overhead, and a test of 1147-1151 is likely. A move
above this band indicates another wave higher and with clear skies minor
resistance comes in at 1166 and 1180. Multiple profit target approaches set
out a target between 1180-1184 for the break. This would be well beyond the
average weekly range, so the 1166 target can be used for this week if we do
see the market above 1150.
Have a profitable week!
Cory Mitchell, CMT
Vantage Point Trading
---
Analysis written by Cory Mitchell for CFDsPros.com
---
Risk Disclosure:
Trading on margin involves high risk and is not suitable
for all investors. The high degree of leverage can work against you as well
as for you before deciding to trade you should carefully consider your
investment objectives, level of experience, and risk appetite.
__________________
For information on stocks and real time stock quotes see CFDsPros.com.