More Short-Term Uncertainty As Investors Await Economic Data Releases

S&P 500 futures contract - S&P 500 index chart

Nasdaq Still at 7,100

The technology Nasdaq 100 futures contract follows a similar path, as it trades within an intraday consolidation. The market gained more than 1,300 points from December the 26th local low of around 5,820. The nearest important resistance level remains at 7,100-7,150. The support level is at 7,000-7,050, marked by the recent resistance level. The Nasdaq futures contract extends it short-term consolidation, as we can see on the 15-minute chart:

Nasdaq 100 futures contract - Nasdaq 100 index chart

Apple, Amazon - Will They Continue Higher?

Let's take a look at the Apple, Inc. stock (AAPL) daily chart (chart courtesy of http://stockcharts.com). The stock broke above its January's trading range and the resistance level of $155-160 following the quarterly earnings release. It retraced some more of its November-December sell-off. But then it bounced off $175. On Monday the market came back to the local high but then we saw some profit-taking action. There have been no confirmed negative signals so far:

Daily Apple, Inc. chart - AAPL

Now let's take a look at the daily chart of Amazon.com, Inc. (AMZN). The market broke above one of its three-month-long downward trend lines two months ago. Since then it has been going sideways. There is a resistance level at around $1,700-1,750. Recently it bounced off that resistance level following the quarterly earnings release. The stock got closer to the downward trend line again, but then it came back slightly lower again. Overall, it still looks like a sideways trend:

Daily Amazon.com, Inc. chart - AMZN

Dow Jones Remains Close to 26,000

The Dow Jones Industrial Average extended its short-term uptrend on Monday, as it remained above the 26,000 mark. Since then it has been going sideways. So will it continue even higher and reach the record high? Or reverse lower in the near term? There have been no confirmed negative signals so far:

Daily DJIA index chart - DJIA, Blue-Chip Index

Japanese Nikkei - Short-Term Correction

Let's take a look at the Japanese Nikkei 225 index. It accelerated the downtrend in late December, as it fell slightly below the level of 19,000. Since then it has been retracing the downtrend. Recently the market broke above its local highs and the 21,000 resistance level. The next important resistance level is at 21,600-22,000, marked by the December consolidation. Today the index retraced its recent advance, but it continued to trade along its short-term local lows:

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Disclosure: None.

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