The main U.S. stock market indexes lost 0.4-1.2% on Friday, as investors took profits after the recent run up, fearing that the Fed will taper its bond buying program anyway. There were also growing concerns about the debt-ceiling battle. The S&P500 index retreated from Thursday’s all-time high of 1,729.86 The nearest level of support is at around 1,700-1,710, marked by the August top at 1,709.67. On the other hand, the resistance remains at around 1,730, marked by last week’s all-time high, as we can see on the daily chart:

Expectations before the opening of today’s session are slightly positive, with index futures gaining 0.1-0.3% right now. The European stock market indexes have been mixed. The S&P500 futures contract (CFD) broke below the recent upward trend line, which is a negative signal in the short-term. The resistance remains at around 1,720-1,725, marked by the recent topping consolidation. The nearest level of support is at 1,700 and the next support is at 1,680-1,690, marked by the previous short-term consolidation. The price may fluctuate in a range of around 1,700-1,730 for a while, as the 15-minute chart shows:

Thank you,
Paul Rejczak